American Land Title Association
Home  >  News Room
News Room


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


30-year Mortgage Rate Reaches A 14-month Low According To Freddie Mac's Primary Mortgage Market Survey

June 10, 2005

McLean, VA – Freddie Mac (NYSE:FRE) Primary Mortgage Market SurveySM (PMMSSM) found that the 30-year fixed-rate mortgage (FRM) averaged 5.56 percent, with an average 0.6 point, for the week ending June 9, 2005, down from last week when it averaged 5.62 percent. Last year at this time, the 30-year FRM averaged 6.30 percent. The 30-year FRM has not been this low since April 1, 2004, when it averaged 5.52 percent.

The average for the 15-year FRM this week is 5.14 percent, with an average 0.5 point, also down from last week when it averaged 5.20 percent. A year ago, the 15-year FRM averaged 5.67 percent.

Five-Year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.01 percent this week, with an average 0.5 point, down from last week when it averaged 5.10 percent. There is no annual historical information for last year since Freddie Mac only began tracking this mortgage rate at the start of this year.

One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 4.21 percent this week, with an average 0.6 point, down from last week when it averaged 4.26 percent. At this time last year, the one-year ARM averaged 4.14 percent.

“The May employment report came in at less than half of what was expected last month, which pushed bond yields – and mortgage rates – down further,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Consequently, markets are now speculating whether the Fed will continue raising rates at the same pace that it has been, or will it begin to moderate the frequency of its actions.

“Taking into consideration the fact that mortgage rates have fallen from the earlier peak at the end of March, we have lowered our forecast for long-term rates. We now expect that the 30-year fixed-rate mortgage rates will likely end up somewhere between 5.9 percent and 6.2 percent by the end of this year.”

The National Mortgage Rate Snapshop
This Week One Week Ago One Year Ago
30-Yr 15-Yr 5-Yr
ARM
1-Yr ARM
5.56 5.14 5.01 4.21
0.6 0.5 0.5 0.6
30-Yr 15-Yr 5-Yr
ARM
1-Yr ARM
5.62 5.20 5.10 4.26
0.6 0.6 0.5 0.6
30-Yr 15-Yr 5-Yr
ARM
1-Yr ARM
6.30 5.67 --- 4.14

0.7

0.7 ---

0.7

Source: Freddie Mac



Print Friendly


How To Find Us:
American Land Title Association
1828 L Street, NW, Suite 705
Washington, DC 20036-5104
P. 202.296.3671 F. 202.223.5843
www.alta.org
service@alta.org
Copyright © 2004-2014 American Land Title Association. All rights reserved.
SecurityMetrics for PCI Compliance, QSA, IDS, Penetration Testing, Forensics, and Vulnerability Assessment