According to Freddie Mac's most recent Primary Mortgage Market Survey, the average fixed mortgage rate has moved lower for the 3rd consecutive week. The 30-year fixed-rate mortgage averaged 3.41 percent with an average 0.7 point, which is down from 3.90 percent this time last year. As the housing market continued to recover, many people are taking advantage of these low rates by refinancing their current mortgages.
Some people opt to refinance their long-term mortgage to a shorter-term mortgage. The 15-year fixed-rate mortgage averaged at 2.64 percent with an average 0.7 point, down from 3.13 percent last year.
The Survey also reported that consumer spending was weaker during the week ending April 18th. Some economists believe that this weakness in retail sales lead to the mortgage rates dropping lower this week. This is the second time in three months that retail sales have taken a hit. Also, the Consumer Sentiment Index dropped by 6.3 points in April. It is now sitting at 72.3 which is the lowest it has been since July 2012.
Monday, April 22, 2013
Mortgage Rates Drop in April
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