American Land Title Association
Home  >  News Room
News Room

SoftPro is the nation's leading provider of Real Estate Closing and Title Insurance software

Average 15-Year Fixed-Rate Mortgage Breaks Barrier

May 31, 2012

Fixed mortgage rates followed bond yields lower to new all-time record lows, according to Freddie Mac’s Primary Mortgage Market Survey. The 15-year fixed-rate mortgage (FRM) fell below 3 percent for the first time in Freddie Mac's weekly survey, while the 30-year FRM set a new all-time record low for the fifth consecutive week.

For the week, the 15-year FRM averaged 2.97 percent with an average 0.7 point, down vchanged from last week when it averaged 3.04 percent. A year ago at this time, the 15-year FRM averaged 3.74 percent.

The 30-year FRM averaged 3.75 percent with an average 0.8 point for the week ending May 31, down from last week when it averaged 3.78 percent. Last year at this time, the 30-year FRM averaged 4.55 percent.

"Market concerns over tensions in the Eurozone led to a decline in long-term Treasury bond yields helping to bring fixed mortgage rates to new record lows this week,” said Frank Nothaft, vice president and chief economist for Freddie Mac.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.84 percent this week, with an average 0.6 point, up from last week when it averaged 2.83. A year ago, the 5-year ARM averaged 3.41 percent.

The 1-year Treasury-indexed ARM averaged 2.75 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 3.13 percent.

Print Friendly

How To Find Us:
American Land Title Association
1800 M Street, NW, Suite 300S
Washington, D.C. 20036-5828
P. 202.296.3671 F. 202.223.5843
Copyright © 2004-2015 American Land Title Association. All rights reserved.
SecurityMetrics for PCI Compliance, QSA, IDS, Penetration Testing, Forensics, and Vulnerability Assessment