Thirty-Year Fixed-Rate Mortgage Drops Below 3.5 Percent

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Freddie Mac’s latest Primary Mortgage Market Survey shows that the 30-year fixed-rate mortgage averaged 3.33% with an average 0.7 point for the week ending April 2.

This figure is down from last week, when it averaged 3.5%. A year ago at this time, the 30-year FRM averaged 4.08%.

“Mortgage rates have drifted down for two weeks in a row, and that drop reflects improvements in market liquidity and sentiment,” says Sam Khater, Freddie Mac’s chief economist.

“While the market has stabilized relative to prior weeks, home-buyer demand has declined in response to current economic conditions,” he adds. “The good news is that the pending economic stimulus is on the way and will provide support for both consumers and businesses.”

The 15-year fixed-rate mortgage averaged 2.82% this week with an average 0.6 point – down from last week, when it averaged 2.92%. A year ago, the average was 3.56%.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.4% with an average 0.3 point, up from last week, when it averaged 3.34%. A year ago at this time, the five-year ARM averaged 3.66%.

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