Thursday, May 13, 2010
by Broderick Perkins
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Deadline Newsroom - At the 4.93 percent mark, the average interest rate on 30-year fixed-rate mortgages (FRMs), for the week ending May 13, was at it's lowest point since Dec. 10, 2009, when it averaged 4.81 percent, according to the Freddie Mac Primary Mortgage Market Survey.
The May 13 average also closed in on the 4.71 percent record low, posted Dec. 3, 2009 -- the lowest conforming loan rate since Freddie Mac began its weekly survey in 1971.
"Interest rates on fixed rate mortgages declined for the fifth straight week," said Frank Nothaft, Freddie Mac vice president and chief economist.
The May 13, 4.93 percent average rate came with an average 0.7 point and was down from 5.00 percent last week, but up slightly from 4.86 percent a year ago.
The 15-year FRM this week averaged 4.30 percent with an average 0.6 point, down from last week when it averaged 4.36 percent. The 15-year FRM has not been lower since the week ending Dec. 3, 2009 when it was 4.27 percent. A year ago at this time, the 15-year FRM averaged 4.52 percent, Freddie Mac reported.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.95 percent this week, with an average 0.6 point, also down from last week when it averaged an even 3.97 percent. The 5-year ARM has not been lower since Freddie Mac started tracking the 5-year ARM in Jan. of 2005. A year ago, the 5-year ARM averaged 4.82 percent.
The 1-year Treasury-indexed ARM averaged 4.02 percent this week with an average 0.6 point, down from last week when it averaged 4.07 percent. The 1-year ARM has not been lower since the week ending Nov. 4, 2004, which it was 4 percent. At this time last year, the 1-year ARM averaged 4.71 percent.
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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.
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