Mortgage Rates Hold Steady This Week

The 30-year fixed-rate mortgage averaged 3.33 percent this week – precisely the same as last week, Freddie Mac reported Thursday.

The Primary Mortgage Market Survey also found:

  • 15-year fixed-rate mortgage averaged 2.77 percent with an average 0.6 point, down from last week when it averaged 2.82 percent. A year ago at this time, the 15-year FRM averaged 3.60 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.40 percent with an average 0.3 point, unchanged from last week. A year ago at this time, the 5-year ARM averaged 3.80 percent.
  • A year ago, the 30-year fixed rate mortgage averaged 4.12 percent.

“While mortgage rates remained flat over the last week, there is room for rates to move down,” said Sam Khater, Freddie Mac’s Chief Economist. “This year the 10-year Treasury market has declined by over a full percentage point, yet mortgage rates have only declined by one-third of a point. As financial markets continue to heal, we expect mortgage rates will drift lower in the second half of 2020.”

While the rates remain the same, other mortgage-related reports are reflecting challenges facing the housing and mortgage industries are facing during the coronavirus pandemic.

The Mortgage Bankers Association reported Thursday that mortgage credit availability fell by more than 16 percent in March. MBA also announced Wednesday that mortgage purchase applications fell by 33 percent last week from a year ago.