Edging ever closer to Freddie Mac’s record low 4.71 percent, the average interest rate on 30-year fixed-rate mortgages (FRMs), for the week ending May 20, fell to 4.84 percent.
Meanwhile, the 15-year FRM and the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) both fell to Freddie Mac record lows this week.
The May 20 average rate for FRMs came with an average 0.7 point and was down from 4.93 percent last week, but up slightly from 4.82 percent a year ago, according to the Freddie Mac Primary Mortgage Market Survey
The record 4.71 percent posted Dec. 3, 2009 was the lowest conforming loan rate since Freddie Mac began its weekly survey in 1971. The May 20, 4.84 percent 30-year FRM rate has not been lower since the week ending Dec. 10, 2009, when it averaged 4.81 percent.
“Mortgage rates eased back once again this week to the lowest level of the year,” said Frank Nothaft, Freddie Mac vice president and chief economist.
The 15-year FRM this week averaged 4.24 percent with an average 0.7 point, down from last week when it averaged 4.30 percent. The 15-year FRM has not been lower since Freddie Mac started tracking it in August 1991. A year ago at this time, the 15-year FRM averaged 4.50 percent, Freddie Mac reported.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.91 percent this week, with an average 0.6 point, also down from last week when it averaged 3.95 percent. The 5-year ARM has not been lower since Freddie Mac started tracking the 5-year ARM in January 2005. A year ago, the 5-year ARM averaged 4.79 percent.
The 1-year Treasury-indexed ARM averaged an even 4 percent this week with an average 0.6 point, down from last week when it averaged 4.02 percent. The 1-year ARM has not been lower since the week ending Oct. 28, 2004, which it averaged 3.96 percent. At this time last year, the 1-year ARM averaged 4.82 percent.
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