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Mortgage Rates Dip as Spring Home-Buying Season Begins
Mortgage rates across the United States have dropped slightly, just as the spring home-buying season has kicked into gear.
The average rate on a 30-year fixed mortgage dipped to 4.34% from 4.41% last week, according to the latest survey from mortgage buyer Freddie Mac. At this time last year—when rates hit record lows—the average was 3.43%.
“Mortgage rates eased a bit following the decline in 10-year Treasury yields.” Frank Nothaft, vice president and chief economist at Freddie Mac, said in a statement. “Also, the economy added 192,000 jobs in March, which was below the market consensus forecast but followed an upward revision of 22,000 jobs in February. Meanwhile, the unemployment rate held steady at 6.7%.”
The average rate on a 15-year fixed mortgage also registered a small decline, to 3.38% from 3.47% last week. A year ago, it averaged 2.62%, according to Freddie Mac.
Averages for the two most popular hybrid adjustable-rate mortgages also slipped slightly from last week: The five-year ARM dropped to 3.09% from 3.12%, and the one-year ARM went down to 2.41% from 2.45%.
Analysts are split on where mortgage rates will go next week. In the latest Mortgage Rate Trend Index, 24% of the analysts predicted mortgage rates will rise over the next week, 38% said rates will continue to decline, and another 38% believed rates will hold steady.
“Rates should improve slightly following the improvement we have seen since the release of the employment report,” said Jim Sahnger, a mortgage planner with Schaffer Mortgage in Palm Beach Gardens, FL. “There are a couple of data points ahead that could impact rates, but I really don’t see them driving us off point.”
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