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No (Economic) News Is Good News (for Mortgage Rates)

Freddie Mac released its weekly update on national mortgage rates on Thursday morning, showing an ever-so-slight decline in the interest banks are charging on their home loans this week, as opposed to last week.

Both 30-year fixed-rate mortgages (FRMs) and 15-year FRMs got cheaper over the past seven days, with 30-year FRMs slipping a single basis point to 4.20% interest, and 15-year FRMs shedding three b.p. to reach 3.29%. One year ago, 30-year FRMs cost 3.51%, and 15-years 2.69%.

5/1 adjustable-rate mortgages (ARMs) likewise declined in price, falling four basis points to 3.01%. 1-year ARMs were unchanged at 2.43%. A year ago, 5/1 ARMs were at 2.62%, and 1-year ARMs at 2.55%.

Freddie Mac vice president and chief economist Frank Nothaft  noted in a statement that the past week had been "light" on substantive economic reports out of the government. That may explain why mortgage rates moved so little. Nothaft added that: "These lower than expected rates are welcome news with the spring home buying season under way and may even provide those who haven't already refinanced possibly a reason to take another look."


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Rich Smith

As a defense writer for The Motley Fool, I focus on defense and aerospace stocks. My job? Every day of the week, I'm monitoring the news, figuring out the winners and losers, and tracking down the promising companies for you to invest in. Follow me on Twitter or Facebook for the most important developments in defense & aerospace, and other great stories.

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