Mortgage Rates Barely Move This Week


Mortgage rates were mostly in a holding pattern this week, which may have been welcome news to borrowers after last week’s uptick.

“The 10-year Treasury yield remained relatively flat this week, as did the 30-year mortgage rate, which fell 1 basis point to 4.02 percent,” says Sean Becketti, Freddie Mac’s chief economist. “Markets have been erring on the side of caution following a weak advance estimate for first-quarter GDP and the FOMC’s broadly expected decision to leave rates unchanged.”

Freddie Mac reports the following national averages with mortgage rates for the week ending May 4:

30-year fixed-rate mortgages averaged 4.02 percent, with an average 0.5 point, falling slightly from last week’s 4.03 percent average. Last year at this time, 30-year rates averaged 3.61 percent.
15-year fixed-rate mortgages averaged 3.27 percent, with an average 0.5 point, the same average as last week. A year ago, 15-year rates averaged 2.86 percent. 5-year hybrid adjustable-rate mortgages averaged 3.13 percent, with an average 0.5 point, rising from last week’s 3.12 percent average. A year ago, 5-year ARMs averaged 2.80 percent.

Source: Freddie Mac

Author: Jackie

Jackie Hoyt started her career in technology industry. But after 25 years as an IT executive, she decided to follow her real estate dreams. She started her new career in 2004 and has not looked back since. Her business executive skills, multimillion dollar budget management and contract negotiations were some of the skills she has transferred to her new adventure. Those skills and experiences have allowed her to peruse the market and uncover the best direction for her clients. She realized guiding people with a major purchase is a huge responsibility. Her motto is to treat people’s money as it was your own and treat each client as your own family. Hoyt Real Estate is a full service real estate firm with focus on customer service and putting clients first. We treat your business with the highest ethical and professional standards. Purchasing a home whether for the first time or not, is a daunting task and it can be made easier with the sound advice of an experienced broker, like Jackie. Our goal is to make your real estate transaction a stress-free experience while negotiating the best deal possible. Our ability to deliver above and beyond has allowed us to build and maintain solid client base. We base our business on repeat clients and referrals; therefore your satisfaction is our highest priority. We at Hoyt Real Estate are focused on our knowledge of real estate market. Unlike other real estate firms we promises that you will not be farmed out to a junior agent and will always have access to Jackie Hoyt, founder broker. We look forward to the opportunity to earn your business.