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April 24, 2015 1:48 am
Average fixed mortgage rates moved down slightly, remaining near their 2015 lows as the spring homebuying season continues, according to Freddie Mac’s recent Primary Mortgage Market Survey® (PMMS®).
The 30-year fixed-rate mortgage (FRM) averaged 3.65 percent and the 15-year FRM averaged 2.92 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.84 percent, while the 1-year Treasury-indexed ARM averaged 2.44 percent.
The news is positive for potential homebuyers this spring, says Len Kiefer, deputy chief economist, Freddie Mac.
“Purchase applications in 60 of the 100 markets that MiMi [Multi-Indicator Market Index] tracks are up from the same time last year, including 20 markets that are showing double-digit increases,” Kiefer explains. “Reinforcing this positive momentum, existing home sales surged 6.1 percent to a seasonally adjusted annual rate of 5.19 million units in March, the highest annual rate since September 2013. Housing inventory rose 5.3 percent to 2 million homes for sale, but unsold inventory was little changed at a 4.6 month supply.”
Source: Freddie Mac
Published with permission from RISMedia.
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