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Pending home sales — a forward-looking indicator based on contract signings — rose for the fourth straight month in April, hitting their highest level in nine years, the National Association of Realtors reported.

Freddie Mac’s Primary Mortgage Market Survey showed the average rate on 30-year fixed-rate mortgages (FRMs) inched up to 3.87 percent from last week’s 3.84 percent. Last year, a 30-year FRM averaged 4.12 percent. This week’s 15-year FRM averaged 3.11 percent, up from last week’s 3.05 percent. Last year at this time, a 15-year FRM averaged 3.21 percent.

The Federal Housing Finance Agency reported that mortgage interest rates decreased in April:

  • The national average contract mortgage rate for previously owned homes by combined lenders was 3.78 percent for loans closed in late April, down from 3.8 percent in March.
  • The average interest rate on all mortgages was 3.78 percent, also down from 3.8 percent in March.
  • The average interest rate on a conventional 30-year fixed-rate mortgage of $417,000 or less was 3.93 percent; March’s was 3.95 percent.
  • The effective interest rate on all mortgage loans was pegged at 3.94 percent in April, down from 3.95 percent in March.
  • The average loan amount for all loans in April was $310,600, a $200 decrease from March’s $310,800.

Email market updates to press@inman.com.

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