Mortgage rates trend lower for fourth consecutive week
Posted on Thursday, April 25, 2013 at 12:22:46 PM
Residential lending conditions continue to advantage consumers considering homeownership.
For the fourth straight week, national mortgage rate averages were observed at lower levels, allowing prospective home buyers to lock in an affordable loan - and giving current property owners the opportunity to refinance their payment plans.
Freddie Mac's Primary Mortgage Market Survey for the week ending April 25, showed notable decreases in both fixed- and adjustable-rate mortgages, with 15-year FRM and five-year ARM products reaching all-time record lows.
Average 30-year FRMs were reportedly seen at 3.4 percent recently, moving down from the previous week's reading of 3.41 percent. The ever-popular 15-year FRM option ticked down to an average of 2.61 percent last week, marking a new record low after dropping from the previous week's level of 2.64 percent.
Meanwhile, Freddie Mac noted five-year treasury-indexed hybrid ARMs decreased from 2.60 percent and were logged at 2.58 percent - the lowest amount on record. One-year treasury-indexed hybrid ARMs recently fell from 2.63 percent, and were observed at 2.62 percent last week.
The continuously falling rate levels may have helped mortgage application activity to see heightened numbers, as more individuals could be looking to obtain affordable residential financing. The Mortgage Bankers Association's Weekly Mortgage Applications Survey for the period ending April 19 showed a seasonally adjusted weekly increase of 0.2 percent in the Market Composite Index.