Mortgage rate averages move down for third straight week
Posted on Thursday, April 18, 2013 at 1:35:57 PM
Residential financing opportunities may be becoming the focus of a number of consumers planning a property purchase in the near future, as national mortgage rates recently exhibited positive decreases for the third consecutive week.
Freddie Mac's Primary Mortgage Market Survey for the week ending April 18 showed improvements on both week-over-week and year-over-year for fixed-rate mortgages.
Average 30-year FRMs were recorded at 3.41 percent last week, falling from the previous week's 3.43 percent. Similarly, 15-year FRMs recorded a small decline, registering at 2.64 percent after being recorded at 2.65 percent the week prior. On an annual basis, both products are in considerable better position for consumers, as during the same week in April 2012, average 30-year FRMs hit 3.90 percent and 15-year FRMs were logged at 3.13 percent.
In a separate release, officials of the government sponsored entity announced their optimism for the remainder of 2013 after reviewing recent housing data. Freddie Mac's U.S. Economic and Housing Market Outlook for April showed considerable improvements in construction employment and the recovery of the national residential sector are expected to be observed this year.
"Construction employment is showing signs of life, which should help to improve the overall macroeconomic picture," said Frank Northaft, vice president of Freddie Mac. "We expect more homes to be built in 2013 than in any year since 2007."