Mortgage Rates at Record Lows for a Second Week
May 10, 2012 (Shirley Allen)
Interest rates for both 30-year and 15-year fixed mortgages, and the 1-year ARM were at record lows for a second consecutive week according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending May 3rd.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages edged slightly lower this week with the 30-year fixed rate averaging a new all-time record low of 3.83 percent with an average of 0.7 points, down from an average of 3.84 percent last week. A year ago, the 30-year fixed rate mortgage averaged 4.63 percent.
The 15-year fixed rate mortgage also hit a new record low, averaging 3.05 percent with an average of 0.7 points, down from last week’s average of 3.07 percent. At this time last year, the 15-year fixed rate mortgage averaged 3.82 percent.
Adjustable Rate Mortgages:
Interest rates for adjustable mortgages were also lower this week with the 5-year Treasury-indexed hybrid ARM averaging 2.81 percent, with an average of 0.5 points, down from last week’s average of 2.85 percent. The 5-year adjustable rate mortgage averaged 3.41 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage averaged a new record low of 2.73 percent with an average of 0.5 points, down from last week’s average of 2.74 percent. A year ago, the 1-year adjustable rate mortgage averaged 3.11 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Following April’s weaker than expected employment report, and the French and Greek election results raising concerns over the stability of the Euro currency zone, long-term Treasury bond yields declined allowing fixed mortgage rates to ease to new all-time record lows this week. The economy added just 115,000 jobs, below the market consensus forecast and less than in March. And although the unemployment rate declined, it reflected fewer people actively seeking jobs.”
|30-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.7||0.7||0.7||0.8||0.8|
|15-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.6||0.7||0.6||0.8||0.8|
|5/1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.5||0.5||0.6||0.4||0.7||0.6|
|1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.5||0.6||0.5||0.4||0.5||0.4|
|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||0.6||0.5||0.8||0.7||0.7||0.6|
Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury