30-Year Fixed Rate Mortgages
30-year fixed rate mortgages hit a new all-time record low again this week. According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) the 30-year fixed-rate mortgage (FRM) averaged 3.83 percent for the week ending May 10, 2012 – down slightly from last week when it averaged 3.84 percent. Last year at this time, the 30-year fixed rate mortgage averaged 4.63 percent.
15-Year Fixed Rate Mortgages
The 15-year FRM also reached a new all-time record low. The 15-year fixed rate mortgage averaged 3.05 percent for the week – down from last week when it averaged 3.07 percent. A year ago at this time, the 15-year FRM averaged 3.82 percent.
5-Year Adjustable Rate Mortgages
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.81 percent – down last week when it averaged 2.85 percent. Last year at this time, the five-year ARM averaged 3.41 percent.
1-Year Adjustable Rate Mortgages
Also this week, the one-year Treasury-indexed ARM is up to 2.73 percent from 2.70 percent last week. At this time last year, the one-year ARM averaged 3.11 percent.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.
“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.”
Contact a licensed mortgage loan professional to take advantage of these historically low mortgage rates. Find an Inlanta Mortgage professional near you.
Original Source: Freddie Mac
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