Freddie Mac Reports Rates Improved Last Week

Yesterday, Freddie Mac released their weekly mortgage rate survey revealing that mortgage rates trended lower last week following the weaker than expected March Jobs Report.

From the PMMS Report:

• 30-year fixed-rate mortgage (FRM) averaged 3.66 percent with an average 0.6 point for the week ending April 9, 2015, down from last week when it averaged 3.70 percent. A year ago at this time, the 30-year FRM averaged 4.34 percent.
• 15-year FRM this week averaged 2.93 percent with an average 0.6 point, down from last week when it averaged 2.98 percent. A year ago at this time, the 15-year FRM averaged 3.38 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent this week with an average 0.5 point, down from last week when it averaged 2.92 percent. A year ago, the 5-year ARM averaged 3.09 percent.
• 1-year Treasury-indexed ARM averaged 2.46 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.41 percent.

Keep in mind, this data is from last week and the only way to lock in a mortgage rate from last week is if rates happen to be at the same price. Mortgage rates change constantly – sometimes several times a day depending on the markets.

If I can provide you with a mortgage rate quote for a purchase or refinance of a home located anywhere in Washington state, please contact me!