Mortgage Rates Update
Freddie Mac (NYSE:FRE) released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.71 percent with an average 0.7 point for the week ending 5/5/2011,
down
from last week when it averaged 4.78 percent. Four weeks ago at this time, the 30-year fixed rate mortgage averaged 4.87 percent.
The 15-year FRM this week averaged 3.89 percent with an average 0.7 point,
down
from last week when it averaged 3.97 percent. Four weeks ago at this time, the 15-year fixed rate mortgage averaged 4.1 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.47 percent this week, with an average 0.6 point,
down
from last week when it averaged 3.51 percent. Four weeks ago, the 5-year adjustable rate mortgage averaged 3.72 percent.
The 1-year Treasury-indexed ARM averaged 3.14 percent this week with an average 0.5 point,
down
from last week when it averaged 3.15 percent. Four weeks ago, the 1-year adjustable rate mortgage averaged 3.72 percent.
"Weaker economic data reduced Treasury bond yields and allowed mortgage rates to drift lower for the third consecutive week.," said Frank Nothaft, Freddie Mac vice president and chief economist.
