What is the 30-year mortgage rate? Did it go up or down? By how much? Well, it depends who you ask.
Mortgage News Daily (MND), which releases data daily, announced that, as of April 25, the 30-year fixed-rate mortgage (FRM) rate was 6.50%, down from 6.59% the previous day. It also marks a four-day slide from a month-high 6.75% on April 19.
In addition, the 15-year FRM rate dropped to 5.92% the same day, down from 6% on the 24th, says MND. It also experienced a fourth straight day of declines, down from the highest rate in April (6.12%). It was also the first time since April 14 that the 15-year went below 6%.
Freddie Mac, which releases data every Thursday, said that, for the week ending April 20, the 30-year FRM was 6.39%, which is up from 6.27% the previous week. Although it is greater than the four-week average of 6.32% and the 52-week average of 6.06%, it is not as big as the year-high rate of 6.73% for the week ending March 9.
Freddie’s 15-year FRM went up week over week from 5.54% to 5.76%. It is also higher than the four-week average of 5.63% and the 52-week average of 5.3%, but lower than this year’s peak of 5.95% the week of March 9.
The Mortgage Bankers Association (MBA), which also releases its results for its Rate Survey every week, but on a Wednesday, announced that, on the week ending April 19, the 30-year FRM increased to 6.43%, up from 6.30% the week ending April 12. That increase snapped five straight weeks of declines.
According to the MBA, the 15-year FRM went up to 5.89% last Wednesday, up from 5.78% the previous week. Despite the increase, it is the fourth consecutive week that the rate has fallen below 6%.
What will be interesting to see next week is what will happen to the mortgage rates once the new rule implemented by the Federal Housing Finance Agency goes into effect and how borrowers will be affected by the new low-level price adjustment matrix from Fannie Mae and Freddie.
