Existing home sales came in at a whopping 6,850,000, beating estimates with the highest print since 2006. Days on market fell from 36 days to 21 days on a year-over-year basis. Cash buyers remain at
Mortgage Rates Unchanged And Remain Near 2015 Lows
Dated: April 16 2015
Freddie Mac: 30-year at 3.67%
Average fixed mortgage rates were largely unchanged amid a light week of economic releases, with rates hovering near their 2015 lows.
Despite this, Mortgage applications have been largely flat this year so far.
“Mortgage rates were little changed following a light week of economic reports and remaining low at the spring homebuying season. Of the few releases, the advance estimate of retail sales rebounded 0.9% in March though slightly below market expectations,” said Len Kiefer, deputy chief economist, Freddie Mac. “Meanwhile, theNational Association of Home Builders/Wells FargoHousing Market Index jumped 4 points to 56 in April, suggesting home builders are optimistic and the housing market will continue to strengthen in 2015.”
The 30-year fixed-rate mortgage averaged 3.67% with an average 0.7 point for the week ending April 16, 2015, up from last week when it averaged 3.66%. A year ago at this time, the 30-year FRM averaged 4.27%.
The 15-year FRM this week averaged 2.94% with an average 0.5 point, up from last week when it averaged 2.93%. A year ago at this time, the 15-year FRM averaged 3.33%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.88% this week with an average 0.5 point, up from last week when it averaged 2.83%. A year ago, the 5-year ARM averaged 3.03%.
The 1-year Treasury-indexed ARM averaged 2.46% this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.44%.
For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....
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