The warmer weather and the nearly steady mortgage rates are bringing prospective homebuyers out into the market. Based on week-to-week performance, mortgage rates have seen little to no change.
According to the recent Primary Mortgage Market Survey® (PMMS®) from Freddie Mac, the average rate for a 30-year fixed-rate mortgage (FRM) was 4.42% for the week ending April 12. That is a bit higher than the previous week, when it was 4.40%. The 15-year FRM remained unchanged at 3.87% and the 5-year Treasury-indexed hybrid adjustable-rate mortgage (5/1-Yr ARM) declined slightly, from 3.62% on the week ending April 5 to 3.61% the following week.
These rates are far from their peaks this year. The 30-year FRM hit its apex at 4.46% during the week ending March 8; that same week, the 15-year FRM was at its highest at 3.94%. For the week ending March 22, the 5/1-Year ARM peaked at 3.68%.
Analysts at Freddie Mac pointed out that rates have stabilized over the past couple of months, but that could change, depending on inflation and what the Federal Reserve wants to do with interest rates. “If inflation continues to trend higher, we may see two or three more rate hikes from the Fed this year, and mortgage rates could follow,” said Len Kiefer, Freddie Mac’s deputy chief economist. “For now, mortgage rates are still quite low by historical standards, helping to support homebuyer affordability as the spring homebuying season ramps up.”
The firm of Wingate, Kearney & Cullen, LLP represents buyers and sellers of residential properties, including co-ops, condominiums, single-family homes, and multiple family dwellings in New York City and Long Island. Its attorneys also provide refinancing on mortgages, second mortgages, and the restructuring of mortgage debt. If you are looking to buy a home and need representation, call (718) 852-5900.