The mortagage rate in U.S. Fell for the thrid week in a row according to Freddie Mac who release the date on Thursday. The rate for a 30-year fixed mortagage has stayed around 4.3 percent for the past four of the last five weeks.
The average dropped for a 15-year fixed rate to its lowest level in six months, dropping to 3.29%. Hybrid type adjustable mortagages showed little to no change. The average for a one year ARM was unchanged from a week ago at 2.43%.
“Mortgage rates were little changed amid a week of light economic reports,” Frank E. Nothaft, Freddie Mac vice president and chief economist, said in a statement.“These lower than expected rates are welcome news with the spring home buying season underway and may even provide those who haven’t already refinanced possibly a reason to take another look. Of the few releases, advanced retail sales rose 0.1 percent in April, but below the market forecast consensus of a 0.4 percent increase. Also, the Producer Price Index for final demand rose 0.6 percent in April which followed a 0.5 percent boost from the prior month.”
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