Fixed mortgage rates ticked down for a second week in a row during the week ending April 17, according to Freddie Mac's Primary Mortgage Market Survey.
And it's a good thing, since the spring home buying season has now begun.
According to the survey, the average rate for a 30-year fixed-rate mortgage (FRM) was 4.27%, down from 4.34% the week prior. A year ago at this time, the 30-year FRM averaged 3.41%.
The average rate for a 15-year FRM was 3.33%, down from 3.38% the week prior. A year ago at this time, the 15-year FRM averaged 2.64%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.03%, down from 3.09% the previous week. A year ago, the five-year ARM averaged 2.60%.
The average rate for a one-year Treasury-indexed ARM averaged 2.44%, up from 2.41% the previous week. At this time last year, the one-year ARM averaged 2.63%.
‘Mortgage rates continued to ease this week as housing starts rose 2.8 percent in March but not as much as expected," says Frank Nothaft, vice president and chief economist for Freddie Mac. "Also, permits fell 2.4 percent in March to a seasonally adjusted annual rate of 990,000, which followed a slight downward revision of 4,000 permits in February.’