Mortgage Rates Hit Lowest Levels in Years!
DOW JONES NEWSWIRES
--By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com
Mortgage rates declined again this week, deepening from last week's levels that were already the lowest of 2010, with many reaching the lowest levels in years, according to Freddie Mac's (FRE) weekly survey of mortgage rates.
They have followed U.S. Treasury yields lower the past several weeks as investor concern builds about Europe's economic future. The benchmark 10-year yield hit a 5 1/2-month low earlier Thursday.
Freddie Mac Chief Economist Frank Nothaft noted that the low rates, coupled with tax credits from the U.S. government, have helped to strengthen the housing market. "Moreover, home builder confidence rose for the second straight month in May to the highest level since August 2007," he noted, citing National Association of Home Builders/Wells Fargo Housing Market Index data.
The 30-year fixed-rate mortgage averaged 4.84% for the week ended Thursday, down slightly from last week's 4.93% average but up a hair from 4.82% a year ago. Rates on 15-year fixed-rate mortgages were 4.24%, down from 4.3% and 4.5%, respectively, to hit the lowest level since Freddie began tracking such loans in August 1991.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.91%, down from last week's 3.95% and 4.79% a year earlier, setting a new low since Freddie started keeping score in 2005. One-year Treasury-indexed ARMs hit a 5 1/2-year low of 4%, down from 4.02% and 4.82%, respectively.
To obtain the rates, the fixed-rate mortgages required payment of an average 0.7 point, while the adjustables had an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest.
It's a great time to buy, Call Carylee Stone today to schedule an appointment, 858-344-2632.
--By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com
Mortgage rates declined again this week, deepening from last week's levels that were already the lowest of 2010, with many reaching the lowest levels in years, according to Freddie Mac's (FRE) weekly survey of mortgage rates.
They have followed U.S. Treasury yields lower the past several weeks as investor concern builds about Europe's economic future. The benchmark 10-year yield hit a 5 1/2-month low earlier Thursday.
Freddie Mac Chief Economist Frank Nothaft noted that the low rates, coupled with tax credits from the U.S. government, have helped to strengthen the housing market. "Moreover, home builder confidence rose for the second straight month in May to the highest level since August 2007," he noted, citing National Association of Home Builders/Wells Fargo Housing Market Index data.
The 30-year fixed-rate mortgage averaged 4.84% for the week ended Thursday, down slightly from last week's 4.93% average but up a hair from 4.82% a year ago. Rates on 15-year fixed-rate mortgages were 4.24%, down from 4.3% and 4.5%, respectively, to hit the lowest level since Freddie began tracking such loans in August 1991.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.91%, down from last week's 3.95% and 4.79% a year earlier, setting a new low since Freddie started keeping score in 2005. One-year Treasury-indexed ARMs hit a 5 1/2-year low of 4%, down from 4.02% and 4.82%, respectively.
To obtain the rates, the fixed-rate mortgages required payment of an average 0.7 point, while the adjustables had an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest.
It's a great time to buy, Call Carylee Stone today to schedule an appointment, 858-344-2632.
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