Apr 13

Room for Rates to Move Down

Room for Rates to Move Down

 

The 30-year fixed-rate mortgage held steady compared to last week, averaging 3.33%.

“There is room for rates to move down,” says Sam Khater, Freddie Mac’s chief economist. “This year the 10-year Treasury market has declined by over a full percentage point, yet mortgage rates have only declined by one-third of a point. As financial markets continue to heal, we expect mortgage rates will drift lower in the second half of 2020.”

Freddie Mac reported the following national averages with mortgage rates for the week ending April 9:

  • 30-year fixed-rate mortgages: averaged 3.33%, with an average 0.7 point, unchanged from last week’s average. Last year at this time, 30-year rates averaged 4.12%.
  • 15-year fixed-rate mortgages: averaged 2.77%, with an average 0.6 point, falling from last week’s 2.82% average. A year ago, 15-year rates averaged 3.60%.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.40%, with an average 0.3 point, unchanged from last week. A year ago, 5-year ARMs averaged 3.80%.

Average commitment rates are reported above, along with the average fees and points, to reflect the total upfront costs of obtaining the mortgage.

Source:
Freddie Mac
National Association of REALTORS

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