Mortgage Rates Hovering Near All-Time Lows

Mortgage rates continue to hover near all-time lows as the spring home-buying season heats up, according to the latest data released Thursday by Freddie Mac.

The Washington Post reports that the 30-year fixed-rate average slipped to 3.65 percent with an average 0.6 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 3.67 percent a week ago and 4.33 percent a year ago.

The 30-year fixed rate, which is at its lowest level since Feb. 5, has remained below 4 percent for more than 20 weeks, dating back to November. It hasn’t been above 5 percent for more than four years, and it hasn’t reached 6 percent this decade.

The Washington Post reports that the 15-year fixed-rate average sank to 2.92 percent with an average 0.6 point. It was 2.94 percent a week ago and 3.39 percent a year ago. The 15-year fixed rate hasn’t been above 3 percent since March 19.

“Mortgage rates fell slightly … this week, positive news for potential homebuyers in the market this spring,” Len Kiefer, Freddie Mac deputy chief economist, said in a statement.

Meanwhile, reports the Washington Post, the Mortgage Bankers said earlier that its mortgage application index also ticked up this week.

The market composite index, a measure of total loan application volume, increased 2.3 percent. The refinance index rose 1 percent, while the purchase index climbed 5 percent.

{CB Frommer-Matzav.com Newscenter}