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Mortgage Rates Dip Lower

mortgage rates have been falling in recent days after a run up since the first of the year

MCLEAN, VA–(Marketwired – Apr 4, 2013) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates dipping for the week amid recent data which indicates the manufacturing industry is slowing. The average 30-year fixed-rate mortgage has seesawed around 3.5 percent for the past two months, providing ongoing help to the housing recovery.
News Facts
30-year fixed-rate mortgage (FRM) averaged 3.54 percent with an average 0.8 point for the week ending April 4, 2013, down from last week when it averaged 3.57 percent. Last year at this time, the 30-year FRM averaged 3.98 percent.
15-year FRM this week averaged 2.74 percent with an average 0.7 point, down from last week when it averaged 2.76 percent. A year ago at this time, the 15-year FRM averaged 3.21 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.65 percent this week with an average 0.5 point, down from last week when it averaged 2.68 percent. A year ago, the 5-year ARM averaged 2.86 percent.
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 2.78 percent. 
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“Fixed mortgage rates dipped slightly while the manufacturing industry showed signs of slowing. Regionally, both the Chicago [PDF] and Milwaukee purchasing manager reports for March fell below the market consensus forecast. On a national scale, both the ISM manufacturing and non-manufacturing indexes also showed reductions in growth.”
The trend reported by Freddie Mac could continue with US Treasury yields falling today near the lows of the year helping to drive tomorrow’s lending rates lower.

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