Mortgage rates little changed
Mortgage rates were little changed this week amid a positive employment report, according to Freddie Mac's Primary Mortgage Market Survey, which was released today. The 30-year fixed-rate mortgage averaged 4.87 percent for the week ending April 7, up from last week's average of 4.86 percent.
Rates on 15-year fixed-rate mortgages inched up similarly, with the average at 4.10 percent compared to last week's 4.09 percent. Also seeing a slight gain was the five-year adjustable rate mortgage that averaged 3.72 percent this week, up from 3.70 percent.
The one-year ARM bucked the trend, decreasing from 3.26 percent to 3.22 percent.
"Mortgage rates were little changed after an encouraging employment report from the Bureau of Labor Statistics," said Frank Nothaft, vice president and chief economist of Freddie Mac. "The economy added 216,000 jobs in March and the unemployment rate fell for the fifth consecutive month to 8.8 percent, marking the lowest rate in two years."
April 7, 2011 | Share: