The Freddie Mac rate for a 30-year fixed rate mortgage was 3.33% as of April 23, hovering close to where it has been for the past four week. The rate was 2 basis points below the 3.31% in the April 16 week. For April to-date the rate averaged 3.32%. The average matched the record low of 3.32% in December 2012.
While rates overall are trending near 3 year lows, the 30-year fixed is clearly seen as the least risky for borrowers and lenders.
The rate for a 15-year fixed rate mortgage was up 6 basis points to 2.86% in the April 23 weekly data and was up for a second week in a row. The April to-date average was 2.81%.
The rate for a 5/1-year ARM was 3.28%, down 6 basis points from the prior week. The average for April so far was 3.34%.
In normal circumstances these sort of rates would continue to draw homebuyers into the market as they have in recent months. However, uncertainty about the economy in the face of widespread job losses and an uncertain future will keep all but the most motivated and qualified buyers out of the market.
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