Mortgage rates post first drop since February to 3.13%

Freddie Mac (FMCC) (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 (TSRMF) 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.