Mary Myzia, Broker

Broker / CDPE

Mortgage Rates Edge Down for Second Week


Freddie Mac recently released the results of its Primary
Mortgage Market Survey®
(PMMS®), showing average fixed mortgage rates edging
down for the second consecutive week following weak employment reports. The
average 30-year fixed-rate mortgage at 3.43 percent this week remains near its
65-year record low and continues to provide support for the housing
recovery.

The report showed that the 30-year fixed-rate mortgage (FRM)
averaged 3.43 percent with an average 0.8 point for the week ending April 11,
2013, down from last week when it averaged 3.54 percent. Last year at this time,
the 30-year FRM averaged 3.88 percent.

Additionally, the 15-year FRM
this week averaged 2.65 percent with an average 0.7 point, down from last week
when it averaged 2.74 percent. A year ago at this time, the 15-year FRM averaged
3.11 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage
(ARM) averaged 2.62 percent this week with an average 0.5 point, down from last
week when it averaged 2.65 percent. A year ago, the 5-year ARM averaged 2.85
percent.

The survey concluded that the 1-year Treasury-indexed ARM
averaged 2.62 percent this week with an average 0.3 point, down from last week
when it averaged 2.63 percent. At this time last year, the 1-year ARM averaged
2.80 percent.

"Mortgage rates fell further this week following a
lackluster employment report for March,” says Frank Nothaft, Vice President and
Chief Economist, Freddie Mac.

“The economy added just 88,000 net new
jobs last month, about one-third as many as February and the fewest since June
2012. In addition, approximately 496,000 people left the workforce causing the
unemployment rate to fall to 7.6 percent. Further, average hourly earnings were
unchanged in March, indicating income growth remains tepid."

For more
information, visit www.FreddieMac.com.

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