Average mortgage interest rates continued to tumble this week as both the 15-year fixed mortgage and the 5-year adjustable rate mortgage fell to new record lows for a second consecutive week according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending May 2nd, 2013.
Fixed Rate Mortgages:
Interest rates on fixed rate mortgages fell for the fifth consecutive week with the 30-year fixed rate mortgage falling five basis points this week to 3.35 percent with an average of 0.7 points. Mortgage rates for the 30-year fixed mortgage have been under four percent for 58 consecutive weeks and are just four basis points above its all-time low. A year ago, the 30-year fixed rate mortgage averaged 3.84 percent.
Average 30-year rates were generally the lowest in the Western portion of the United States where mortgage rates averaged 3.32 percent while the highest rates were reported in the Northeastern area of the country where interest rates averaged 3.39 percent.
The average rate for a 15-year fixed mortgage also declined this week, falling to a new record low of 2.56 percent with an average of 0.7 points from an average of 2.61 percent last week. Mortgage rates for the 15-year fixed mortgage have been under three percent for 49 consecutive weeks. At this time last year, the 15-year fixed rate mortgage averaged 3.07 percent.
Adjustable Rate Mortgages:
Interest rates for adjustable-rate mortgages also fell this week with the 5-year Treasury-indexed hybrid ARM also averaging a new record low of 2.56 percent, with an average of 0.5 points, down from an average of 2.58 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 2.56 percent with an average of 0.3 points, down from last week’s average of 2.62 percent. A year ago, the 1-year adjustable rate mortgage averaged 2.70 percent.
Tags: 15-year fixed, 30-year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury
Reported by Shirley Allen