Today's Mortgage Rates
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Today's Mortgage Rates
Wild swings for mortgage rates continued this week, with the spike in rates a few weeks ago from financial market dysfunction and mortgage lenders fending off a crush of refinancing now all but washed away.
Freddie Mac reported today that the average offered rate for a conforming 30-year fixed-rate mortgage declined by 17 basis points (0.17%), landing at 3.33%, just a little above "all-time" lows set at the beginning of March. Conforming fifteen-year FRMs declined by a tenth of a percentage point (0.10%), a move that left the popular refinancing vehicle at 2.82% for the week. Not all rates declined, though, and the initial fixed rate for a hybrid 5/1 ARM continued climbing, this week adding another six one-hundredths of a percentage point (0.06%) to rise to 3.40%. Unlike fixed rate mortgages, which are usually sold to investors, ARMs often end up in the portfolios of the lenders who make them, and right now, with risks in the housing market rising it's a fair bet that lenders really aren't interested in writing these kinds of loans.
When mortgage rates dropped to record lows a few weeks ago, a crush of business saw lenders pricing so as to help meter the inbound flow of business to manageable levels . Ultimately, that's to the benefit of both borrowers and lenders. Backlogs are being worked though, but the new fall in rates is seeing a rebound in applications for mortgages, so it's certainly possible that we'll see lenders price defensively to some degree again in the days ahead to manage workflow.
With the economic disruption from coronavirus just starting to be seen -- in the last two weeks alone an astounding 10 million former workers have filed for unemployment -- there's no reason to think that opportunities to refinance will be disappearing anytime soon.
We track and discuss the economic conditions that affect mortgage rates and their impact on mortgage and housing markets and consumers in each week's MarketTrends newsletter. Read the most recent edition on HSH.com or subscribe for email.
Current mortgage rates
| Week | 30-year-Fixed | 15-year-Fixed | 5-year-ARM |
|---|---|---|---|
| 04/02 | 3.330% | 2.820% | 3.400% |
| 03/26 | 3.500% | 2.920% | 3.340% |
| 03/19 | 3.650% | 3.060% | 3.110% |
| 03/12 | 3.360% | 2.770% | 3.010% |
| 03/05 | 3.290% | 2.790% | 3.180% |
| 02/27 | 3.450% | 2.950% | 3.200% |
| 02/20 | 3.490% | 2.990% | 3.250% |
| 02/13 | 3.470% | 2.970% | 3.280% |
| 02/06 | 3.450% | 2.970% | 3.320% |
| 01/30 | 3.510% | 3.000% | 3.240% |
| 01/23 | 3.600% | 3.040% | 3.280% |
| 01/16 | 3.650% | 3.090% | 3.390% |
Mortgage Choices at a Glance
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Latest Mortgage Rate Analysis
To read the latest edition, click here.
HSH's longer-range outlook for mortgage rates, where we review our last forecast,discuss current market influences and provide our expectations for mortgage rates over the next nine weeks.
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