Rates moved to record lows in the past week as negative economic data dominated the headlines.
For the week ending April 30, Freddie Mac announced that 30-year fixed rates moved down to 3.23% from 3.33% the week before. The average for 15-year loans decreased to 2.77% and the average for five-year ARMs fell to 3.14%. A year ago, 30-year fixed rates averaged 4.14%, more than 0.75% higher than today. "The size and depth of the secondary mortgage market is helping to keep rates at record lows. These low rates are driving higher refinance activity and have modestly helped improve purchase demand from their extremely low levels in mid-April. While many people are benefitting from low rates, it’s important to remember that not all people are able to take advantage of them given the current pandemic," 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 May 1, 2020
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Daily Value
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Monthly Value
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April 30
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March
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6-month Treasury Security
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0.11%
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0.30%
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1-year Treasury Security
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0.16%
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0.33%
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3-year Treasury Security
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0.24%
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0.50%
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5-year Treasury Security
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0.36%
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0.59%
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10-year Treasury Security
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0.64%
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0.87%
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12-month LIBOR
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1.002% (Mar)
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12-month MTA
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1.691% (Mar)
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11th District Cost of Funds
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0.989% (Feb)
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Prime Rate
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3.25% (March)
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