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Mortgage Rates Keep Falling

This may be the time to refinance

April 27, 2009

Mortgage rates have fallen again and long term rates are now lower than short term rates, according to Freddie Mac's latest Primary Mortgage Market Survey.

The 30-year fixed-rate mortgage averaged 4.80 percent with an average 0.7 point for the week ending April 23, 2009, down from last week when it averaged 4.82 percent.

Last year at this time, the 30-year FRM averaged 6.03 percent.

The 15-year FRM this week averaged 4.48 percent with an average 0.7 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 5.62 percent. This is tied with last week for the lowest the 15-year FRM has been since Freddie Mac began tracking it in August 1991.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.85 percent last week, with an average 0.6 point, down from last week when it averaged 4.88 percent. A year ago, the 5-year ARM averaged 5.68 percent. This is the lowest the 5-year ARM has been since Freddie Mac began tracking it in January 2005.

One-year Treasury-indexed ARMs averaged 4.82 percent with an average 0.4 point, down from last week when it averaged 4.91 percent. At this time last year, the 1-year ARM averaged 5.29 percent.

"Although long-term mortgage rates eased slightly, ARM rates remain elevated relative to those fixed-rate mortgages," said Frank Nothaft, Freddie Mac vice president and chief economist. "For instance, interest rates for 1-year ARMs exceeded those for 30-year fixed-rate mortgages over the last two weeks; this is the first time this has happened since Freddie Mac began collecting data for ARMs in January 1984.

"The housing market is showing further signs of possible improvement. House prices rose for the second consecutive month in February, the first back-to-back increase since April 2007, according to the Federal Housing Finance Agency. Among the nine Census divisions, six experienced positive gains in February, led by a monthly increase of 3.8 percent in the Pacific Division."

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