MCLEAN, Va. – April 12, 2018 – Freddie Mac released the results of its Primary Mortgage Market Survey for this week and found that average mortgage rates moved very slightly higher this week.
- The 30-year fixed-rate mortgage (FRM) averaged 4.42 percent with an average 0.4 point, up from last week when it averaged 4.40 percent. A year ago, the 30-year FRM averaged 4.08 percent.
- The 15-year FRM this week averaged 3.87 percent with an average 0.4 point, the same as last week. A year ago at this time, the 15-year FRM averaged 3.34 percent.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.61 percent this week with an average 0.3 point, down from last week when it averaged 3.62. A year ago at this time, the 5-year ARM averaged 3.18 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage, experts note. Borrowers may still pay closing costs which are not included in the survey.
"Mortgage rates have been holding steady over the past two months," says Len Kiefer, Freddie Mac's deputy chief economist. "Rates have bounced around 4.4 percent since mid-February, (though) rates could break out and head higher if inflation continues to firm. … If inflation continues to trend higher, we may see two or three more rate hikes from the Fed this year, and mortgage rates could follow.
"For now, mortgage rates are still quite low by historical standards, helping to support homebuyer affordability as the spring home buying season ramps up."
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