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Weakening Economy Pushes Mortgage Interest Rates Lower
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You're Now Reading:
Weakening Economy Pushes Mortgage Interest Rates Lower
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Weakening Economy Pushes Mortgage Interest Rates Lower
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June 2, 2011 (Shirley Allen)

Mortgage interest rates continued their downward trend for the seventh consecutive week, hitting new lows for the year and reflecting continuing concerns of a weakening economy and housing market according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending June 2, 2011.

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 4.55 percent with an average 0.6 points, down from an average 4.60 percent last week and down from 4.79 percent a year earlier.

The 15 year FRM averaged 3.74 this week with an average 0.7 points, down from an average of 3.78 last week and down from 4.20 percent a year ago

Adjustable Rate Mortgages (ARM):

ARMs were mixed this week as the 5-year Treasury-indexed hybrid ARM maintained the same interest rate of 3.41 percent as the previous week, with an average of 0.6 points. The 5-year ARM averaged 3.94 percent a year earlier.

The 1-year Treasury-indexed ARM increased this week to 3.13 percent from 3.11 percent the previous week with an average of 0.6 points. A year ago, the 1-year ARM averaged 3.95 percent.

Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Fixed mortgage rates followed U.S. Treasury yields lower this week amid financial market concerns that the current lull in the economy is continuing. First quarter growth in consumer spending was revised downward by half of a percentage point to 2.2 percent, according to the Bureau of Economic Activity, consumer confidence in May was weaker than the market consensus forecast, and the manufacturing industry slowed for the third straight month in May.”

“The housing market is showing strain as well. The S&P/Case-Shiller® National Home Price Index fell 5.1 percent between the first quarters of 2010 and 2011, representing the largest annual decline since the third quarter of 2009. In addition, the index of pending existing home sales dropped 11.6 percent from March to April, led by the Midwest and South regions where the tornados and flooding occurred,” he added.

30-Year Fixed Rate Mortgages US NE SE NC SW W
Average 4.55 4.58 4.57 4.56 4.55 4.50
Fees & Points 0.6 0.6 0.8 0.6 0.6 0.6

15-Year Fixed Rate Mortgages US NE SE NC SW W
Average 3.74 3.77 3.75 3.75 3.81 3.68
Fees & Points 0.7 0.7 0.9 0.6 0.7 0.7

5/1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 3.41 3.50 3.39 3.41 3.36 3.35
Fees & Points 0.6 0.6 0.7 0.4 0.6 0.7
Margin 2.74 2.75 2.75 2.72 2.76 2.73

1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 3.13 3.40 2.88 3.50 3.00 2.86
Fees & Points 0.6 0.7 0.5 0.4 0.8 0.5
Margin 2.76 2.80 2.75 2.73 2.77 2.75

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
Average 4.79   4.20   3.94   3.95   4.60   3.78   3.41   3.11  
Fees & Points 0.8   0.7   0.7   0.7   0.7   0.7   0.5   0.5  
Margin N/A N/A 2.74   2.75   N/A N/A 2.74   2.76  

Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates

Source:
Freddie Mac

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
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Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at Mortgageloanrateupdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Home Buying
Tips
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Tips
About
Mortgages
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Calculator
Mortgage
Rates

June 2, 2011 (Shirley Allen)

Mortgage interest rates continued their downward trend for the seventh consecutive week, hitting new lows for the year and reflecting continuing concerns of a weakening economy and housing market according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending June 2, 2011.

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 4.55 percent with an average 0.6 points, down from an average 4.60 percent last week and down from 4.79 percent a year earlier.

The 15 year FRM averaged 3.74 this week with an average 0.7 points, down from an average of 3.78 last week and down from 4.20 percent a year ago

Adjustable Rate Mortgages (ARM):

ARMs were mixed this week as the 5-year Treasury-indexed hybrid ARM maintained the same interest rate of 3.41 percent as the previous week, with an average of 0.6 points. The 5-year ARM averaged 3.94 percent a year earlier.

The 1-year Treasury-indexed ARM increased this week to 3.13 percent from 3.11 percent the previous week with an average of 0.6 points. A year ago, the 1-year ARM averaged 3.95 percent.

Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Fixed mortgage rates followed U.S. Treasury yields lower this week amid financial market concerns that the current lull in the economy is continuing. First quarter growth in consumer spending was revised downward by half of a percentage point to 2.2 percent, according to the Bureau of Economic Activity, consumer confidence in May was weaker than the market consensus forecast, and the manufacturing industry slowed for the third straight month in May.”

“The housing market is showing strain as well. The S&P/Case-Shiller® National Home Price Index fell 5.1 percent between the first quarters of 2010 and 2011, representing the largest annual decline since the third quarter of 2009. In addition, the index of pending existing home sales dropped 11.6 percent from March to April, led by the Midwest and South regions where the tornados and flooding occurred,” he added.

30-Year Fixed Rate Mortgages US NE SE NC SW W
Average 4.55 4.58 4.57 4.56 4.55 4.50
Fees & Points 0.6 0.6 0.8 0.6 0.6 0.6

15-Year Fixed Rate Mortgages US NE SE NC SW W
Average 3.74 3.77 3.75 3.75 3.81 3.68
Fees & Points 0.7 0.7 0.9 0.6 0.7 0.7

5/1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 3.41 3.50 3.39 3.41 3.36 3.35
Fees & Points 0.6 0.6 0.7 0.4 0.6 0.7
Margin 2.74 2.75 2.75 2.72 2.76 2.73

1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 3.13 3.40 2.88 3.50 3.00 2.86
Fees & Points 0.6 0.7 0.5 0.4 0.8 0.5
Margin 2.76 2.80 2.75 2.73 2.77 2.75

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
Average 4.79   4.20   3.94   3.95   4.60   3.78   3.41   3.11  
Fees & Points 0.8   0.7   0.7   0.7   0.7   0.7   0.5   0.5  
Margin N/A N/A 2.74   2.75   N/A N/A 2.74   2.76  

Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates

Source:
Freddie Mac

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

June 2, 2011 (Shirley Allen)

Mortgage interest rates continued their downward trend for the seventh consecutive week, hitting new lows for the year and reflecting continuing concerns of a weakening economy and housing market according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending June 2, 2011.

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 4.55 percent with an average 0.6 points, down from an average 4.60 percent last week and down from 4.79 percent a year earlier.

The 15 year FRM averaged 3.74 this week with an average 0.7 points, down from an average of 3.78 last week and down from 4.20 percent a year ago

Adjustable Rate Mortgages (ARM):

ARMs were mixed this week as the 5-year Treasury-indexed hybrid ARM maintained the same interest rate of 3.41 percent as the previous week, with an average of 0.6 points. The 5-year ARM averaged 3.94 percent a year earlier.

The 1-year Treasury-indexed ARM increased this week to 3.13 percent from 3.11 percent the previous week with an average of 0.6 points. A year ago, the 1-year ARM averaged 3.95 percent.

Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Fixed mortgage rates followed U.S. Treasury yields lower this week amid financial market concerns that the current lull in the economy is continuing. First quarter growth in consumer spending was revised downward by half of a percentage point to 2.2 percent, according to the Bureau of Economic Activity, consumer confidence in May was weaker than the market consensus forecast, and the manufacturing industry slowed for the third straight month in May.”

“The housing market is showing strain as well. The S&P/Case-Shiller® National Home Price Index fell 5.1 percent between the first quarters of 2010 and 2011, representing the largest annual decline since the third quarter of 2009. In addition, the index of pending existing home sales dropped 11.6 percent from March to April, led by the Midwest and South regions where the tornados and flooding occurred,” he added.

30-Year Fixed Rate Mortgages US NE SE NC SW W
Average 4.55 4.58 4.57 4.56 4.55 4.50
Fees & Points 0.6 0.6 0.8 0.6 0.6 0.6

15-Year Fixed Rate Mortgages US NE SE NC SW W
Average 3.74 3.77 3.75 3.75 3.81 3.68
Fees & Points 0.7 0.7 0.9 0.6 0.7 0.7

5/1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 3.41 3.50 3.39 3.41 3.36 3.35
Fees & Points 0.6 0.6 0.7 0.4 0.6 0.7
Margin 2.74 2.75 2.75 2.72 2.76 2.73

1-Year Adjustable Rate Mortgages US NE SE NC SW W
Average 3.13 3.40 2.88 3.50 3.00 2.86
Fees & Points 0.6 0.7 0.5 0.4 0.8 0.5
Margin 2.76 2.80 2.75 2.73 2.77 2.75

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
Average 4.79   4.20   3.94   3.95   4.60   3.78   3.41   3.11  
Fees & Points 0.8   0.7   0.7   0.7   0.7   0.7   0.5   0.5  
Margin N/A N/A 2.74   2.75   N/A N/A 2.74   2.76  

Tags: 15 year fixed, 30 year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates

Source:
Freddie Mac

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.