The Freddie Mac mortgage interest rates were somewhat higher in the April 11 report. The 30-year fixed rate was up 4 basis points to 4.12%, the 15-year rate was up 4 basis points to 3.60%, and the 5/1-year ARM was up 14 basis points to 3.80%. This was the second week in a row that the 30-year fixed rate was higher.
The month-to-date average for April remains the lowest since January 2018 for the 30-year fixed rate at 4.10% and the 15-year fixed rate at 3.58%. The average for the 5/1-year ARM is 3.73%, the lowest since April 2018.
It is possible that mortgage rates have plateaued since declining rapidly from the near-term peaks in November 2018. However, the level is an attractive one for potential homebuyers and the small increases may motivate some fencesitters to enter the housing market and lock in the lows before they go much higher.
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