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Mortgage rates move down for second straight week

Posted on Thursday, April 11, 2013 at 1:07:42 PM

Consumers considering obtaining residential lending toward the purchase of a new home were afforded additional opportunities to do so last week, as national mortgage rate averages again moved lower.

Both fixed- and adjustable-rate mortgages exhibited positive drops during the week ending April 11, according to Freddie Mac's most recent Primary Mortgage Market Survey. Average 30-year FRMs dropped to 3.43 from 3.54 percent, while average 15-year products fell to 2.65 from 2.74 percent. Additionally, five-year treasury-indexed hybrid ARMs moved down to 2.62 from 2.65 percent and one-year treasury-indexed hybrid ARMs decreased to 2.62 from 2.63 percent. 

"Mortgage rates fell further this week following a lackluster employment report for March." said Frank Nothaft, vice president and chief economist, Freddie Mac. "The economy added just 88,000 net new jobs last month, about one-third as many as February and the fewest since June 2012."

The report released by the U.S. Department of Labor detailed the recent job growth, but explained that figures were lower than expected and the unemployment rate held firm at its previous level of 7.6 percent.

Those who have been waiting for favorable conditions to pursue residential financing options and buy a house may be well-positioned to do so no, but only if they act quickly.