Mortgage Rates Settle Near Historical Lows
Freddie Mac | April 24, 2020
The 30-year fixed-rate mortgage averaged 3.33% this week, near its all-time low, Freddie Mac reports. “Mortgage rates have stabilized over the last few weeks as the market searches for direction in the fog of economic data,” says Sam Khater, Freddie Mac’s chief economist. “While financial markets initially rallied on the news of Federal Reserve support and are improving due to the Senate’s passage of a new small business stimulus, we continue to see a deep economic contraction amidst uncertainty about the recovery formation.” Freddie Mac reports the following national averages with mortgage rates for the week ending April 23: 30-year fixed-rate mortgages: averaged 3.33%, with an average 0.7 point, rising slightly from last week’s 3.31% average. Last year at this time, 30-year rates averaged 4.20%. 15-year fixed-rate mortgages: averaged 2.86%, with an average 0.7 point, up from last week’s 2.80% average. A year ago, 15-year rates averaged 3.64%. 5-year hybrid adjustable-rate mortgages: averaged 3.28%, with an average 0.3 point, dropping from last week’s 3.34% average. A year ago, 5-year ARMs averaged 3.77%. Freddie Mac reports average commitment rates along with average fees and points to reflect the total upfront costs of obtaining the mortgage.
Source: Freddie Mac