Mortgage Rates Continue Decline

Average mortgage interest rates for the both the 15-year fixed mortgage and the 5-year adjustable rate mortgage fell to new record lows this week according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending April 25th, 2013.

Fixed Rate Mortgages:

Interest rates on fixed rate mortgages fell for the fourth consecutive week with the 30-year fixed rate mortgage falling one basis point this week to 3.40 percent with an average of 0.8 points. Mortgage rates for the 30-year fixed mortgage have been under four percent for 57 consecutive weeks. A year ago, the 30-year fixed rate mortgage averaged 3.88 percent.

Average 30-year rates were generally the lowest in the Western portion of the United States where mortgage rates averaged 3.37 percent while the highest rates were reported in the Northeastern and Southeastern areas of the country where interest rates averaged 3.43 percent.

The average rate for a 15-year fixed mortgage also declined this week, falling to a new record low of 2.61 percent with an average of 0.7 points from an average of 2.64 percent last week. Mortgage rates for the 15-year fixed mortgage have been under three percent for 48 consecutive weeks. At this time last year, the 15-year fixed rate mortgage averaged 3.12 percent.

Adjustable Rate Mortgages:

Interest rates for adjustable-rate mortgages also fell this week with the 5-year Treasury-indexed hybrid ARM averaging a new record low of 2.58 percent, with an average of 0.5 points, down from an average of 2.60 percent last week. The 5-year adjustable rate mortgage averaged 2.85 percent a year earlier.

The 1-year Treasury-indexed adjustable rate mortgage averaged 2.62 percent with an average of 0.3 points, down slightly from last week’s average of 2.63 percent. A year ago, the 1-year adjustable rate mortgage averaged 2.75 percent.

Freddie Mac 04-26-13

Tags: 15-year fixed, 30-year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury

Source:
Freddie Mac

Reported by Shirley Allen