“Mortgage rates continue to hover near all-time lows for the third straight week. As a result, refinance activity remains high, but home purchase demand is weak due to economic tightening,” said Sam Khater, Freddie Mac’s Chief Economist.
Khater continued, “While new monthly economic data are driving markets lower this week, they are a lagging indicator and should be priced in already. Real time daily economic activity metrics suggest that the economy will likely not decline much further. Going forward, the key question is no longer the depth of the economic contraction, but the duration.”
• 30-year fixed-rate mortgage averaged 3.31 percent with an average 0.7 point for the week ending April 16, 2020, down from last week when it averaged 3.33 percent. A year ago at this time, the 30-year FRM averaged 4.17 percent.
• 15-year fixed-rate mortgage averaged 2.80 percent with an average 0.7 point, up from last week when it averaged 2.77 percent. A year ago at this time, the 15-year FRM averaged 3.62 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.34 percent with an average 0.3 point, down from last week when it averaged 3.40 percent. A year ago at this time, the 5-year ARM averaged 3.78 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.