April showers are said to bring May flowers, but this spring season, they are also bringing lower mortgage rates, Freddie Mac said this week. According to the government sponsored enterprise’s Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 3.65 percent this week, down from last week when it averaged 3.67 percent. A year ago at this time, the 30-year FRM averaged 4.33 percent.

April showers are said to bring May flowers, but this spring season, they are also bringing lower mortgage rates, Freddie Mac said this week.

According to the government sponsored enterprise’s Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 3.65 percent this week, down from last week when it averaged 3.67 percent. A year ago at this time, the 30-year FRM averaged 4.33 percent.

That’s good news for potential homebuyers who may be venturing into the market this spring, said Len Kiefer, deputy chief economist at Freddie Mac.

“Purchase applications in 60 of the 100 markets that MiMi tracks are up from the same time last year, including 20 markets that are showing double-digit increases,” Kiefer said. “Reinforcing this positive momentum, existing home sales surged 6.1 percent to a seasonally adjusted annual rate of 5.19 million units in March, the highest annual rate since September 2013. Housing inventory rose 5.3 percent to 2 million homes for sale, but unsold inventory was little changed at a 4.6-month supply.”

Other highlights from Freddie Mac’s survey: The 15-year FRM this week averaged 2.92 percent, down from last week when it averaged 2.94 percent. A year ago at this time, the 15-year FRM averaged 3.39 percent.

The five-year year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.84 percent this week, down from last week when it averaged 2.88 percent. A year ago, the five-year ARM averaged 3.03 percent.

Email Amy Swinderman.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Will you attend ICLV virtually or in-person? The agenda is packed with stellar speakers and sessions.Learn More×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription