Freddie Mac mortgage rates were not much changed as of the April 9 data. Unfortunately, low rates are not going to allow many consumers to entertain the idea of buying a home. Widespread layoffs of unknown duration are going to keep those who might otherwise have looked at buying a home out of the market. Those who are working may find it preferable to not make major purchases during a time of high uncertainty unless there are drop in home prices and increases in inventories for sale that prove more tempting.
The 30-year fixed rate was 3.33% as of April 9, unchanged from the prior week and only slightly above the historic low of 3.29% in the March 5 week. Rates are presently below the March average of 3.45%.
The 15-year fixed rate of 2.77% was down 5 basis points from 2.82% in the prior week and the lowest since 2.77% in the March 12 week. The rate is below the 2.89% average of March.
The 5/1-year ARM rate was unchanged at 3.40% as of April 9 from the prior week. The rate is noticeably higher than the average of 3.16% in March.
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