Mortgage Rates Continue to Fall
Fixed mortgage rates fell for the third consecutive week amid studies showing decreased consumer spending, Freddie Mac reported April 18 in its weekly Primary Mortgage Market Survey.
The 30-year fixed-rate fell 0.02 percent since last week to 3.41 percent (down from 3.90 percent a year ago). The 15-year fixed-rate dropped 0.01 percentage points to 2.64 percent (down from 3.21 percent a year ago).
The one-year adjustable-rate mortgage increased 0.01 percentage points, however, to 2.61 percent (down from 2.81 percent a year ago). The five-year Treasury-indexed decreased 0.02 percent to 2.60 percent (down from 2.785 percent a year ago).
“Mortgage rates nudged lower this week as consumer spending showed signs of weakness,” Frank Nothaft, Freddie Mac vice president and chief economist, said in a news release. “Retail sales contracted for the second time in three months, falling 0.4 percent in March. In addition, the University of Michigan reported their Consumer Sentiment Index dropped 6.3 points in April to settle at 72.3, its lowest level since July. The April reading snapped a streak of three consecutive gains,” he said.
View Freddie Mac’s weekly Primary Mortgage Market Survey.