Fixed mortgage rates continued their downward trend this past week as they fell for the fifth week in a row. Freddie Mac reported that 30 year fixed mortgage rate averages dropped from 4.63% down to 4.61% with 0.7 points which was a new low for 2011. The 15 year fixed mortgage rate average also fell going from 3.82% to 3.80%with 0.7 points. At the same period in 2010, 30 year rates were at 4.84% and 15 year rates hovered around 4.24%. The agency’s Primary Market Survey showed 5 year and 1 year treasury indexed ARM rates moving in the opposite direction. 5/1 ARM mortgage rate averages moved from 3.41% up to 3.48% with 0.6 points. 1 year ARM rate averages rose from 3.11% to 3.15% with 0.6 pts. [Read more...]

It has been another great week for mortgage rates as interest rates fell for a fourth consecutive week. That’s according today’s Freddie Mac’s weekly press release. 30 year fixed rates fell from 4.71% to 4.63% (.7 pts). 15 yr rates also headed lower going from 3.89% down to 3.82% (.7 pts). Adjustable mortgage rates (ARM) followed suit with 5 year ARM averages moving from 3.47% to 3.41% (.6 pts), and 1 year ARM dropping slightly from 3.14% to 3.11%. Freddie Mac’s Chief Economist and VP, Frank Nothaft, noted that rates fell in part as a result of mixed employment reporting. While the economy added 244,000 new jobs in April, which was the largest number in eleven months, the unemployment rate actually increased from 8.8% to 9%. [Read more...]

Mortgage rates fell for the third consecutive week hitting lows not seen since the beginning of December 2010. This is according to Freddie Mac’s most recent mortgage rate survey released this morning. 30 year rates fell 0.07% down to an average of 4.71% with .7 points. Last year at this time, 30 year fixed rates where hovering close to 5.00%. 15 year fixed rates also tumbled lower this week to 3.89% with .7 points. This represented a 0.08% drop from last week and is 0.47% lower than the same time in 2010. Adjustable mortgage rates followed suit with treasury indexed  5 year ARM loans falling to 3.47% with .6 points. 1 year ARM rates also fell slightly, .01%, to 3.14% with 0.5 points. [Read more...]