Mortgage rates have hovered at multi-month lows in recent weeks, but this week, rates inched up across the board. However, economists say they expect overall borrowing costs to remain low, despite the slight uptick.
“Rates moved up slightly this week while mortgage applications decreased following last week’s jump in rates—indicating borrower sensitivity to changing mortgage rates,” says Sam Khater, Freddie Mac’s chief economist. “Despite the recent rise, we expect mortgage rates to remain low, in line with the low 10-year Treasury yields, boosting home buyer demand in the next few months.”
Freddie Mac reports the following national averages with mortgage rates for the week ending April 11:
- 30-year fixed-rate mortgages: averaged 4.12 percent, with an average 0.5 point, increasing from last week’s 4.08 percent average. Last year at this time, 30-year rates averaged 4.42 percent.
- 15-year fixed-rate mortgages: averaged 3.60 percent, with an average 0.4 point, increasing from last week’s 3.56 percent average. A year ago, 15-year rates averaged 3.87 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.80 percent, with an average 0.4 point, increasing from last week’s 3.66 percent average. A year ago, the 5-year ARM averaged 3.61 percent.
- Source: Freddie Mac