Great News for Buyers! For the second consecutive week, mortgage rates have dropped, according to the April 5 Freddie Mac Primary Mortgage Market Survey (PMMS®)
30-Year Fixed-Rate Mortgage (FRM) averaged 4.40 percent, down from last week when it averaged 4.44%. A year ago at this time, the 30-year FRM averaged 4.10%
15-Year FRM averaged 3.87 this week, with an average 0.4 point, down from last week when it averaged 3.90 percent. One year ago, the 15-year FRM averaged 3.36%
5-Year Adjustable Rate Mortgage (ARM) averaged 3.62 percent this weekwith an average 0.4 point, down from last weeks average of 3.66. A year ago, the 5-year ARM averaged 3.19 percent.
What does this mean? Earlier this week, financial markets dropped, but stabilized on Wednesday at a level slightly lower than last week’s start. Mortgage rates followed and fell for the second consecutive week.
A robust labor marking is helping the home purchase demand tolerate slightly higher rates. According to the Mortgage Bankers Association, the Purchase Index was up 5% from a year ago, indicating that this spring is on track for a modest expansion in purchase mortgage activity.
We’d love to help you get into a new home! Call us today! The Seay Realty Group, dedicated to service and exceeding your expectations. 214-636-8485