Baltimore mortgage rates hit new 2016 lows

Baltimore Mortgage RatesFreddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing mortgage rates declining slightly from the previous week to reach a new low for the year.

The 30-year fixed-rate mortgage (FRM) averaged 3.58 percent with an average 0.5 point for the week ending April 14, 2016, down from last week when they averaged 3.59 percent. A year ago at this time, the 30-year FRM averaged 3.67 percent.

The 15-year FRM this week averaged 2.86 percent with an average 0.5 point, down from last week when it averaged 2.88 percent. A year ago at this time, the 15-year FRM averaged 2.94 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.84 percent this week with an average 0.4 point, up from last week when it averaged 2.82 percent. A year ago, the 5-year ARM averaged 2.88 percent.

“Demand for Treasuries remained high this week, driving yields to their lowest point since February,” said Freddie Mac chief economist Sean Becketti. “In response, the 30-year mortgage rate fell 1 basis point to 3.58 percent. This rate represents yet another low for 2016 and the lowest mark since May 2013.”

For more information on current, Baltimore mortgage rates contact mortgage consultant Chris Montcalmo here.

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