June 30, 2011 (Shirley Allen)
Mortgage interest rates again remained virtually unchanged from last week as mortgage interest rates continued to hover at the same level for the fourth consecutive week according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS).
Fixed Rate Mortgages (FRM):
Thirty year and the 15 year FRMs again barely budged from the previous week with the 30 year FRM increasing by one basis point from last week to at an average of 4.51 percent with an average 0.7 points. Rates were down from 4.58 percent a year earlier.
The 15 year FRM averaged 3.69 this week with an average 0.7 points, unchanged from last week, and down from 4.04 percent a year ago.
Adjustable Rate Mortgages (ARM):
ARMs moved downward in the last week as the 5-year Treasury-indexed hybrid ARM slid to 3.22 percent, which is down from 3.25 percent the previous week, with an average of 0.6 points. The 5 year ARM averaged 3.79 percent a year earlier.
The 1-year Treasury-indexed ARM decreased this week to 2.97 percent, with an average of 0.6 points, from 2.99 percent the previous week. A year ago, the 1 year ARM averaged 3.780 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Interest rates on 30-year fixed mortgages hovered around 4.5 percent for the fourth consecutive week following mixed reports on the strength of the economy. First quarter economic growth was revised up in the final estimate, but growth in consumer spending stagnated in May while April’s figure was revised downward; consumer expenditures account for roughly two-thirds of the nation’s gross domestic product.”
“Meanwhile, there were some signs of improvement in the housing market. In April, the S&P/Case-Shiller® 20-city composite home price index rose 0.7 percent, representing the first monthly increase since July 2010. However, much of the improvement reflected the seasonal increase in homebuying over the spring-summer period. Pending existing home sales rebounded in May, exhibiting the largest monthly increase since November 2010,” Nothaft added.
|30-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.7||0.9||0.7||0.7||0.7|
|15-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.7||0.9||0.6||0.7||0.8|
|5/1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.6||0.5||0.7||0.4||0.6||0.6|
|1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.6||0.6||0.5||0.3||0.8||0.5|
|The National Mortgage Rate Snapshot||One Year Ago||One Week Ago|
|30-YR||15-YR||5/1-YR||1-YR ARM||30-YR||15-YR||5/1-YR||1-YR ARM|
|Fees & Points||0.7||0.7||0.7||0.7||0.8||0.7||0.6||0.5|
Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury