Mortgage Rates Move Lower

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) announced a decline in the 30-year fixed-rate mortgage to an average of 3.04% for the week ending April 15, 2021, down from 3.13% the previous week. Similarly, the 15-year fixed-rate mortgage averaged 2.35%, down from 2.42%. The 5-year adjustable-rate mortgage also decreased to 2.80%. Chief Economist Sam Khater noted that while mortgage rates are currently lower, inflationary pressures are increasing. A moderate rise in rates is anticipated for the rest of the year, despite current declines.

Positive

• 30-year fixed-rate mortgage decreased to 3.04% from 3.13%.
• 15-year fixed-rate mortgage decreased to 2.35% from 2.42%.
• 5-year Treasury-indexed ARM decreased to 2.80% from 2.92%.

Negative

• Rising inflation could lead to increased mortgage rates later this year.

MCLEAN, Va., April 15, 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 3.04 percent.

“Mortgage rates took another dip this week as the 30-year fixed-rate mortgage decreased by almost ten basis points, week over week,” said Sam Khater, Freddie Mac’s Chief Economist. “The economy is improving on the demand side and on the supply side, a variety of goods and materials remain scarce. As a result of this imbalance, pricing pressures are building and causing inflation to rise. Despite the pause in mortgage rates recently, we expect them to increase modestly for the remainder of this year.”

News Facts

• 30-year fixed-rate mortgage averaged 3.04 percent with an average 0.7 point for the week ending April 15, 2021, down from last week when it averaged 3.13 percent. A year ago at this time, the 30-year FRM averaged 3.31 percent.
• 15-year fixed-rate mortgage averaged 2.35 percent with an average 0.7 point, down from last week when it averaged 2.42 percent. A year ago at this time, the 15-year FRM averaged 2.80 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent with an average 0.4 point, down from last week when it averaged 2.92 percent. A year ago at this time, the 5-year ARM averaged 3.34 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 

FAQ

What is the latest 30-year fixed-rate mortgage rate from Freddie Mac (FMCC)?

The latest 30-year fixed-rate mortgage rate is 3.04% for the week ending April 15, 2021.

How has the 15-year fixed-rate mortgage changed recently?

The 15-year fixed-rate mortgage has decreased to 2.35% from 2.42%.

Did the 5-year adjustable-rate mortgage change in the latest report?

Yes, the 5-year adjustable-rate mortgage averaged 2.80%, down from 2.92%.

What does the upcoming economic outlook suggest for mortgage rates?

The economic outlook suggests that mortgage rates may increase modestly for the remainder of the year due to rising inflation.