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On the radar: Freddie Mac rates little changed in April 4 data, fixed rates still lowest since January 2018

The Freddie Mac report on mortgage interest rates put the 30-year fixed rate at 4.08%, a scant 2 basis points above the 4.06% in the March 28 data. This was the lowest since the 4.04% in the January 18, 2018 week. The 15-year fixed rate nudged down 1 basis point to 3.56%. This was its lowest since 3.49%, also in the January 18, 2018 week. The 5/1-year ARM rate was down 9 basis points to 3.66%, the lowest since 3.61% in the April 12, 2018 week.

It is possible that rates this low will spark some refinancing activity with fixed rates a full 86 basis points below the near-term peak of 4.94% in the November 15, 2018 week. The drop is sufficient to make a meaningful difference in monthly mortgage payments. In any case, the level should help home sales in the spring months as consumers move to lock in a low rate while it is available.

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