May 17, 2012 (Shirley Allen)
Interest rates on fixed rate mortgages broke new ground again this week as Treasury bond yields fell on fears of a rekindling European debt crisis according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending May 10th.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages edged slightly lower again this week with the 30-year fixed rate averaging a new all-time record low of 3.79 percent with an average of 0.7 points, down from an average of 3.83 percent last week. A year ago, the 30-year fixed rate mortgage averaged 4.61 percent.
The 15-year fixed rate mortgage also hit a new record low, averaging 3.04 percent with an average of 0.7 points, down from last week’s average of 3.05 percent. At this time last year, the 15-year fixed rate mortgage averaged 3.80 percent.
Adjustable Rate Mortgages:
Interest rates for adjustable mortgages were higher this week with the 5-year Treasury-indexed hybrid ARM averaging 2.83 percent, with an average of 0.6 points, up from last week’s average of 2.81 percent. The 5-year adjustable rate mortgage averaged 3.48 percent a year earlier.
The 1-year Treasury-indexed adjustable rate mortgage averaged 2.78 percent with an average of 0.5 points, up from last week’s record low average of 2.73 percent. A year ago, the 1-year adjustable rate mortgage averaged 3.15 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “The European debt crisis overshadowed improving economic indicators for the U.S. and allowed Treasury bond yields and fixed mortgage rates to ease for another week. For instance, industrial production rose 1.1 percent in April — the largest gain since December 2010 — and consumer sentiment in May rose to its highest reading since January 2008, according to the University of Michigan.”
|30-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.7||0.7||0.6||0.7||0.8|
|15-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.7||0.7||0.6||0.8||0.8|
|5/1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.6||0.6||0.6||0.4||0.7||0.6|
|1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.5||0.7||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||0.6||0.7||0.7||0.5||0.5|
Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury