Industries Banking/Finance

Fixed–rate mortgage rates rise slightly

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A survey by McLean-based Freddie Mac found that fixed rate mortgages rose slightly from last week.

Meanwhile, the average 5-year adjusted rate mortgage fell to a new all-time low.

Freddie Mac’s Primary Mortgage Market Survey found that 30-year fixed-rate mortgages averaged 3.90 percent with an average 0.8 point for the week ending April 19, up from last week when the rate averaged 3.88 percent. Last year at this time, the 30-year fixed-rate mortgages averaged 4.80 percent.

Likewise, 15-year, fixed-rate mortgages averaged 3.13 percent with an average 0.7 point, up from last week when the rate averaged 3.11 percent. A year ago at this time, 15-year fixed-rate mortgages averaged 4.02 percent.

Meanwhile, 5-year Treasury-indexed hybrid adjustable-rate mortgages (ARM) averaged 2.78 percent this week, with an average 0.7 point, down from last week when it averaged 2.85 percent. A year ago, the 5-year ARM averaged 3.61 percent.

The 1-year Treasury-indexed ARM averaged 2.81 percent this week with an average 0.6 point, up from last week when it averaged 2.80 percent. At this time last year, the 1-year ARM averaged 3.16 percent.

“Fixed mortgage rates held relatively stable this week amid signs that inflation remains in check,” Frank Nothaft, vice president and chief economist, said in a statement. “Industrial production was flat in March, a reading below the market consensus forecast. Meanwhile, both headline inflation gauges (the consumer and producer price indexes) for March were in line with market expectations.”

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