Mortgage rates hit new low...read more
Mortgage rates hit new lows for 2011
by KERRI PANCHUK
- Freddie Watches Rates Slip to 5.22%
- Mortgage Rates Drop to Lowest Level in Three Months
- Freddie Sees Return of 5% Mortgage Rates
- Mortgage Rates Increase Again This Week
- Long-term mortgage rates relatively flat; short-term rates setting new record lows
tag. * * If you do not want to deal with the intricities of the noscript * section, delete the tag (from ... to ). On * average, the noscript tag is called from less than 1% of internet * users. */-->Thursday, May 26th, 2011, 9:44 am
The 30-year, fixed-rate mortgage rate fell to 4.6% in the most recent Freddie Mac Primary Mortgage Market Survey, reaching a new low for 2011.
That compares to a rate of 4.61% a week earlier and 4.84% last year. The 15-year, FRM followed suit, averaging 3.78%, down from 3.8% a week earlier and 4.21% last year.
The 5-year, Treasury-indexed hybrid adjustable-rate mortgage averaged 3.41%, down from a week earlier when it averaged 3.48% and down from 3.97% last year.
Meanwhile, the 1-year, Treasury-indexed ARM averaged 3.11% in the most recent week, down from a week earlier when it averaged 3.15%
“Fixed mortgage rates eased slightly for the sixth consecutive week amid reports of slower economic activity," concluded Frank Nothaft, vice president and chief economist, Freddie Mac.
Janie Gervasi
Re/Max Accord
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