Second Consecutive Week Of Record-Low Fixed Mortgage Rates
May 10, 2012
Average fixed mortgage rates hit new all-time record lows for the second consecutive week as they followed bond yields lower, according the Freddie Mac's Primary Mortgage Market Survey
The 30-year fixed-rate mortgage has averaged below 4 percent all but one week since Dec. 8, 2011, helping to keep homebuyer affordability high.
The 30-year FRM averaged 3.83 percent with an average 0.7 point for the week ending May 10, 2012, down from last week when it averaged 3.84 percent. Last year at this time, the 30-year FRM averaged 4.63 percent.
Meanwhile, the 15-year FRM this week averaged 3.05 percent with an average 0.7 point, down from last week when it averaged 3.07 percent. A year ago at this time, the 15-year FRM averaged 3.82 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.81 percent this week, with an average 0.5 point, down from last week when it averaged 2.85 percent. A year ago, the 5-year ARM averaged 3.41 percent.
The 1-year Treasury-indexed ARM averaged 2.73 percent this week with an average 0.5 point, up from last week when it averaged 2.70 percent. At this time last year, the 1-year ARM averaged 3.11 percent.