Mortgage interest rates fall back

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After rising for four consecutive weeks, mortgage rates eased back to where they were two weeks ago and still remain historically low.

by Broderick Perkins
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Deadline Newsroom - Fixed-rate mortgage (FRM) interest rates fell to an average 5.07 percent, the week ending April 15, down from 5.21 percent last week, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS).

The rate included an average 0.6 point. Last year, at this time, the 30-year FRMaverage was 4.82 percent.

"After rising for four consecutive weeks, mortgage rates eased back to where they were two weeks ago and still remain historically low," said Frank Nothaft, Freddie Mac vice president and chief economist.

The 15-year FRM this week, averaged 4.40 percent, down from last week's 4.52 percent average. The rate carried an average 0.7point. A year ago the 15-year FRM averaged 4.48 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.08 percent the week ending April 15, with an average 0.6 point, down from 4.25 percent from last week. A year ago, the 5-year ARM averaged 4.88 percent.

The 1-year Treasury-indexed ARM averaged 4.13 percent this week, with an average 0.5 point, down from last week's 4.14 percent average, according to Freddie Mac. Last year, at this time, the 1-year ARM averaged 4.91 percent.

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

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