Fixed Mortgage Rates Lower for Fifth Straight Week

Fixed Mortgage Rates Lower
 

Fixed Mortgage Rates Lower for Fifth Straight Week

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates falling for the fifth consecutive week hitting new lows for this year.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 4.12 percent, down from 4.14 percent last week. A year ago at this time, the 30-year FRM averaged 3.81 percent.

15-Year Fixed Rate Mortgages

The average 15-year fixed rate mortgage averaged 3.21 percent, down from last week when it averaged 3.25 percent. A year ago at this time, the 15-year FRM averaged 2.98 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged at 2.96 percent unchanged from last week. A year ago, the 5-year ARM averaged 2.66 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM is at 2.41 down from last week when it averaged 2.43 percent. At this time last year, the 1-year ARM averaged 2.54 percent.

Mortgage rates are slowly on the rise. Contact a licensed mortgage loan professional to take advantage of mortgage rates while they are still historically low. Find a loan officer near you or apply online for a mortgage loan and we will redirect your application to a qualified loan professional near you.

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:

“Fixed mortgage rates eased a bit for the fifth consecutive week as reports that existing home sales are up 1.3 percent but not as much as expected. However, new home sales [PDF] rose 6.4 percent in April to a seasonally adjusted annual rate of 433,000, which followed an upward revision of 11,000 units for the prior two months.”

“Also, as the spring home buying season continues, we see stronger consumer confidence as house prices remain on the rise. The Conference Board reported that confidence among consumers rose in May after dipping in April. Meanwhile, the S&P/Case-Shiller® 20-city composite index [PDF] rose 0.9 percent in March, above the consensus forecast.”

Original Source: Freddie Mac interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.

Want to Lock & Shop?

Inlanta is pleased to announce Inlanta Lock & Shop for home buyers who haven’t found a property but want to lock in an interest rate now. This Lock & Shop program is appealing to home buyers who fear a reduction in buying power as mortgage rates increase.

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About Inlanta Mortgage

Last year Inlanta Mortgage celebrated its 20th Anniversary. Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin NMLS #1016. Inlanta Mortgage was named a Top Mortgage Lender in 2012 by Scotsman Guide, Top Workplace in 2012, has been listed on Mortgage Technology’s Top 25 Tech Savvy Lenders list in 2010, 2011, 2012, and 2013. Inlanta has also been named to Mortgage Executive Magazine’s “Top 100 Mortgage Companies in America” in 2011, 2012 and 2013 and most recently 50 Best Companies to Work For.

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