Mortgage Rates Drop
Freddie Mac (OTCQB: FMCC) announced the results of its Primary Mortgage Market Survey, revealing that the 30-year fixed-rate mortgage has dropped to an average of 3.13%, down from 3.18% the previous week. The 15-year fixed-rate mortgage averaged 2.42%, and the 5-year ARM increased to 2.92%. The decline in rates is attributed to decreasing U.S. Treasury yields, which may boost demand for refinancing. Freddie Mac continues its mission to enhance housing affordability and accessibility for families and individuals.
- 30-year fixed-rate mortgage decreased to 3.13%, providing competitive rates for borrowers.
- 15-year fixed-rate mortgage reduced to 2.42%, encouraging refinancing opportunities.
- The decline in mortgage rates may stimulate purchase demand in the housing market.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage rose to 2.92%, which may deter some buyers.
MCLEAN, Va., April 08, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.13 percent.
“After moving up for seven consecutive weeks, mortgage rates have dropped due to the recent, modest decline of U.S. Treasury yields,” said Sam Khater, Freddie Mac’s Chief Economist. “As the economy recovers, it should experience a strong rebound in the labor market. Combined, these positive signals will continue to bolster purchase demand. The drop in rates creates yet another opportunity for those who have not refinanced to take a look at the possibility.”
News Facts
- 30-year fixed-rate mortgage averaged 3.13 percent with an average 0.7 point for the week ending April 8, 2021, down from last week when it averaged 3.18 percent. A year ago at this time, the 30-year FRM averaged 3.33 percent.
- 15-year fixed-rate mortgage averaged 2.42 percent with an average 0.6 point, down from last week when it averaged 2.45 percent. A year ago at this time, the 15-year FRM averaged 2.77 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.92 percent with an average 0.1 point, up from last week when it averaged 2.84 percent. A year ago at this time, the 5-year ARM averaged 3.40 percent.
The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. 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.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
MEDIA CONTACT:
Angela Waugaman
703-714-0644
Angela_Waugaman@FreddieMac.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/baa66b54-ec42-47a5-bb3c-cbbe1c4c993a
FAQ
What is the current average rate for a 30-year fixed mortgage from FMCC?
How much did the 15-year fixed-rate mortgage average this week?
What are the implications of the drop in mortgage rates for FMCC?
When was the last time Freddie Mac reported mortgage rates?
How does the decrease in U.S. Treasury yields affect FMCC's mortgage rates?
