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Richard Syron, chairman and CEO of Freddie Mac, speaks at a press conference announcing that Freddie Mac, Fannie Mae, and the government Office of Federal Housing Enterprise Oversight (OFHEO) will increase liquidity into the U.S. mortgage market in Washington on March 19, 2008. The initiative is expected to provide up to $200 billion of immediate liquidity to the mortgage-backed securities market. (UPI Photo/Kevin Dietsch)
The average 30-year fixed interest rate remained at 5.88 percent with an average of 0.4 points for the week ending April 17, Freddie Mac said.
A year ago, 30-year fixed rate mortgages averaged 6.17 percent.
At 5.40 with an average of 0.4 points, the 15-year fixed rate mortgages declined slightly from 5.42 percent the previous week. A year ago, 15-year fixed rates stood at 5.89 percent.
"ARM (adjustable-rate mortgages) rates continued to decline amid market speculation that the Federal Reserve may cut rates again at its upcoming committee meeting," Freddie Mac chief economist Frank Northaft said.
A decline in housing starts in March -- to the lowest rate since March 1991 -- and declining consumer confidence, "suggest nearly a 100 percent probability that the Fed will cut rates at the end of this month," he said.
