Fixed rates made a slight upward tick this week, Freddie Mac reported in its weekly market survey.
â€œFixed mortgage rates held relatively stable this week amid signs that inflation remains in check,â€ said Frank Nothaft, VP and chief economist for Freddie Mac.
Nothaft also added that industrial production was flat in March, while both headline inflation gauges such as the consumer and producer price indexes for March were in line with market expectations.
The 30-year fixed-rate mortgage averaged 3.90 percent (0.8 point) for the week ending April 19, up from last weekâ€™s average of 3.88 percent, and down from last year at this time when the 30-year rate was 4.80 percent.
The 15-year fixed rose to 3.13 percent (0.7 point); last week the 15-year averaged 3.11 percent and 4.02 percent a year ago at this time.
The 5-year ARM hit a new low at 2.78 percent (0.7 point), down from 2.85 percent from last week and 3.61 percent a year ago.
The 1-year ARM moved up to 2.81 percent (0.6 point) compared to last weekâ€™s 2.80 percent. Last year at this time, the 1-year ARM averaged 3.16 percent.
Bankrateâ€™s survey, which pulls data provided by the top 10 banks and thrifts in the top 10 markets, reported the 30-year fixed rate dropped to 4.10 percent, down from 4.11 percent the prior week. The 15-year fixed was 3.32 percent and remained unchanged compared to last week, while the 5-year ARM averaged 3.05 percent, up from last weekâ€™s 3.03 percent
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