April 26th, 2013
Freddie Mac reported in it's Primary Mortgage Market Survey® (PMMS®) that the 15-year fixed-rate mortgage average reached the record low of 2.61% for the week reporting April 25, 2013. All four weekly averages in the report dropped, including the 30-year fixed-rate mortgage average of 3.40%. The 5/1-Yr ARM (2.58%) and the 1-Yr ARM (2.62%) also reached their lowest points in recent months. According to Frank Nothaft, vice president and chief economist, Freddie Mac, existing and new home sales are showing signs of pacing at rates not seen since 2008-2009.