June 9, 2011 (Shirley Allen)
Mortgage interest rates continued their downward trend for the eighth consecutive week, as continuing concerns of a weakening economy and housing market pushed interest rates to levels last seen in November of last year according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS).
Fixed Rate Mortgages (FRM):
Both the 30 year and the 15 year FRMs continued to decline with the 30 year FRM reaching an average of 4.49 percent with an average 0.7 points, down from an 4.55 percent last week and down from 4.72 percent a year earlier.
The 15 year FRM averaged 3.68 this week with an average 0.7 points, down from 3.74 last week and down from 4.17 percent a year ago
Adjustable Rate Mortgages (ARM):
ARMs also saw a downward trend this week as the 5-year Treasury-indexed hybrid ARM slid to 3.28 percent which is down from 3.41 percent the previous week with an average of 0.5 points. The 5 year ARM averaged 3.92 percent a year earlier.
The 1-year Treasury-indexed ARM, which saw an increase last week, decreased this week to 2.95 percent, with an average of 0.5 points, from 3.13 percent the previous week. A year ago, the 1 year ARM averaged 3.91 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Long-term Treasury yields moved lower following a weak jobs report and mortgage rates followed suit. The economy added 54,000 jobs in May, the fewest in eight months, and factories cut payrolls for the first time in seven months. As a result, the unemployment rate rose to 9.1 percent, representing the highest rate since December.”
“The housing market continues to be fragile across the nation as well. In its latest regional economic review released June 8th, the Federal Reserve Board indicated that residential sales and home prices showed continued weakness in most Districts,” Nothaft added.
|30-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.6||0.8||0.6||0.6||0.8|
|15-Year Fixed Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.7||0.6||0.8||0.5||0.6||0.7|
|5/1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.5||0.5||0.7||0.4||0.5||0.7|
|1-Year Adjustable Rate Mortgages||US||NE||SE||NC||SW||W|
|Fees & Points||0.5||0.6||0.5||0.4||0.8||0.5|
|The National Mortgage Rate Snapshot||One Year Ago||One Week Ago|
|30-YR||15-YR||5/1-YR||1-YR ARM||30-YR||15-YR||5/1-YR||1-YR ARM|
|Fees & Points||0.7||0.7||0.7||0.6||0.6||0.7||0.6||0.6|
Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates