In the April 25 report, Freddie Mac fixed mortgage rates inched higher for a third week in a row. The 30-year fixed rate was up 3 basis points to 4.20% and the 15-year fixed rate was up 2 basis points to 3.64%. The 5/1-year ARM rate dipped 1 basis point to 3.77%.
For April to-date, the 30-year fixed rate average 4.14%, the lowest since 4.03% in January 2018. The 15-year fixed rate averaged 3.61%, the lowest since 3.48%, also in January 2018. The 5/1-year ARM rate averaged 3.75%, its lowest since 3.66% in April 2018.
The week-to-week creep higher in rates still leaves them well below the near-term peaks of November 2018 when they were high enough to cut into housing market activity. Nonetheless, it is a warning to potential homebuyers that rates are probably not going to drop significantly again any time soon and could motivate the fencesitters to act before the opportunity to lock in a low rate is lost.
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