Fixed rates moved slightly lower in the last week, remaining close to record lows.

For the week ending April 16, Freddie Mac announced that 30-year fixed rates moved down slightly to 3.31% from 3.33% the week before. The average for 15-year loans increased slightly to 2.80% and the average for five-year ARMs fell to 3.34%. A year ago, 30-year fixed rates averaged 4.17%, more than 0.75% higher than today. "Rates on home loans continue to hover near all-time lows for the third straight week. As a result, refinance activity remains high, but home purchase demand is weak due to economic tightening. While new monthly economic data are driving markets lower this week, they are a lagging indicator and should be priced in already. Real time daily economic activity metrics suggest that the economy will likely not decline much further. Going forward, the key question is no longer the depth of the economic contraction, but the duration," 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 17, 2020