Freddie Mac reported fixed rates for mortgage were down for a second week as of April 2. While the outlook for the housing market is uncertain against the backdrop of massive job losses, those buyers or refinancers who can will take advantage of rates just off their historic lows.
The 30-year fixed rate was down 17 basis points to 3.33% in the April 2 week, its lowest weekly rate since 3.29% in the March 5 report which was a series bottom. The average rate for March was 3.45%, its lowest since 3.44% in August 2016.
The 15-year fixed rate was down 10 basis points to 2.82% in the April 2 week, its lowest weekly rate since 2.77% in the March 12 week. The average rate for March was 2.89%, its lowest monthly rate since 2.76% in October 2016.
The 5/1-year ARM rate was up 6 basis points to 3.40% as of April 2, its highest since 3.46% in the January 2 week. The average for March was 3.16%, the lowest since 3.16% in September 2017.
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