Fixed rates on conforming loans decreased last week, while other sectors of the market, such as government loans, have struggled.
For the week ending April 2, Freddie Mac announced that 30-year fixed rates moved down to 3.33% from 3.50% the week before. The average for 15-year loans decreased to 2.82% and the average for five-year ARMs rose to 3.40%. A year ago, 30-year fixed rates averaged 4.08%, 0.75% higher than today. "Rates on home loans have drifted down for two weeks in a row and that drop reflects improvements in market liquidity and sentiment. While the market has stabilized relative to prior weeks, homebuyer demand has declined in response to current economic conditions. The good news is that the pending economic stimulus is on the way and will provide support for both consumers and businesses," said Sam Khater, Chief Economist, Freddie Mac.
Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Current Indices for Adjustable Rate Mortgages
Updated April 3, 2020
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Daily Value
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Monthly Value
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April 2
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February
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6-month Treasury Security
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0.15%
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1.51%
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1-year Treasury Security
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0.14%
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1.41%
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3-year Treasury Security
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0.29%
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1.31%
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5-year Treasury Security
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0.39%
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1.32%
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10-year Treasury Security
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0.63%
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1.50%
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12-month LIBOR
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1.382% (Feb)
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12-month MTA
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1.871% (Feb)
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11th District Cost of Funds
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0.984% (Jan)
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Prime Rate
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3.25% (March)
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