Fixed-Rate Mortgages Steady, ARM Rates Fall

According to Freddie Mac's weekly survey, interest rates for fixed-rate mortgages held relatively steady for the second week in a row, while rates on adjustable-rate mortgages declined. The ARM rates showed downward movement amid market speculation that the Federal Reserve may cut rates again at its upcoming committee meeting scheduled on 29th and 30th of this month.

The 30-year fixed-rate mortgage averaged 5.88% during the week ending April 17, unchanged from last week's average. The mortgage averaged 6.17% a year ago.

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, averaged 5.40% for the week, down just slightly from last week's 5.42% average. The mortgage averaged 5.89% a year ago.

Five-year Treasury-indexed hybrid ARMs averaged 5.48% for the week, down from last week's 5.56%. It averaged 5.92% a year ago. One-year Treasury-indexed ARMs averaged 5.10%, down from last week's 5.18%. The ARM averaged 5.45% a year ago.