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Mortgage Rates Reaching Record Lows

Mortgage Rates Move Lower Again, Near Record Lows

Freddie Mac recently released the results of its Primary Mortgage Market Survey (PMMS) showing average fixed mortgage rates moving lower this week amid data showing weaker consumer spending. This marks the third consecutive week fixed-rate mortgages have moved lower as the housing market continues to recover.

The 30-year fixed-rate mortgage (FRM) averaged 3.41 percent with an average 0.7 point for the week ending April 18 2013 down from last week when it averaged 3.43 percent. Last year at this time the 30-year FRM averaged 3.90 percent.

Additionally the 15-year FRM this week averaged 2.64 percent with an average 0.7 point down from last week when it averaged 2.65 percent. A year ago at this time the 15-year FRM averaged 3.13 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.60 percent this week with an average 0.5 point down from last week when it averaged 2.62 percent. A year ago the 5-year ARM averaged 2.78 percent.

Survey results show that the 1-year Treasury-indexed ARM averaged 2.63 percent this week with an average 0.4 point up from last week when it averaged 2.62 percent. At this time last year the 1-year ARM averaged 2.81 percent.

"Mortgage rates nudged lower this week as consumer spending showed signs of weakness" says Frank Nothaft vice president and chief economist Freddie Mac. "Retail sales contracted for the second time in three months falling 0.4 percent in March. In addition the University of Michigan reported their Consumer Sentiment Index dropped 6.3 points in April to settle at 72.3 its lowest level since July. The April reading snapped a streak of three consecutive gains."

For more information visit www.FreddieMac.com.

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