Santa Cruz Home mortgage rates decreased last week, returning to levels seen two weeks ago, according to Freddie Mac's weekly survey of conforming rates, released on Thursday.
The 30-year fixed-rate mortgage averaged 5.07% for the week ended April 15, down from 5.21% last week. A year ago, the mortgage averaged 4.82%. The 15-year fixed-rate mortgage averaged 4.40%, down from 4.52% last week and 4.48% a year ago.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.08%, down from 4.25% last week and 4.88% a year ago. And the one-year Treasury-indexed ARM averaged 4.13%, down from 4.14% last week and 4.91% a year ago.
"After rising for four consecutive weeks, mortgage rates eased back to where they were two weeks ago and still remain historically low," said Frank Nothaft, Freddie Mac vice president and chief economist, in a news release.
Most experts agree that California mortgage rates will likely increase, one of the factors is that the government has stopped purchasing mortgage backed securities.
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