Mortgage rates for a 30-year fixed-rate mortgage fell to their lowest levels in six weeks, according to the latest quotes from Freddie Mac.
The average rate for a 30-year fixed-rate mortgage was 4.27% as of April 17, 2014, down from 4.34% from the previous week, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS).
The last time rates dipped this low was March 6, when they were 4.28% for a 30-year fixed-rate mortgage.
Rates for a 15-year fixed-rate mortgage also dropped this week to 3.38%, compared to 3.47% from the prior week.
The last time rates were this low for these types of mortgages was March 20, when they were 3.32%, as reported by Freddie Mac’s PMMS.
“Mortgage rates continued to ease this week as housing starts rose 2.8 percent in March but not as much as expected,” stated 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.”
Rates for a 5/1-year adjustable rate mortgage (ARM) during the week were 3.03%, down from 3.09% a week ago, while rates for a one-year ARM increased from 2.41% to 2.44% this week.
Written by Jason Oliva