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Mortgage rates hover near all-time lows
2020-04-16 23:07
30-year fixed-rate mortgage averages 3.31% for the week ending April 16, down from 3.33% in the prior week and 4.17% at this time a year ago, according to the Freddie Mac Primary Mortgage Market Survey.
Refinancing activity stays high, but home purchase demand is weaker due to economic tightening, said Freddie Chief Economist Sam Khater.
"While new monthly economic data are driving markets lower this week, they are a lagging indicator and should be priced in already," he said. "Going forward, the key question is no longer the depth of the economic contraction, but the duration."
15-year FRM averages 2.80% vs. 2.77% in the previous week and 3.62% a year ago.
5-year Treasury-indexed hybrid adjustable rate mortgage average 3.34% vs. 3.40% a week earlier and 3.78% at this time last year.
Also highlighting the weaker housing situation, building permits fell to 1.353M in March from 1.452M in February and trailed the consensus estimate of 1.300M; housing starts sank 22% M/M.
