Mortgage rates fall to new low–again

Diane Alter – AHN News Reporter

Arlington, VA, United States (AHN) – Mortgage rates fell to new lows again for the week ended May 10, with the 30-year averaging 3.83 percent.

Freddie Mac said in a statement Thursday, “Following April’s weaker than expected employment report and the French and Greek election results raising concerns over the stability of the eurozone, long-term Treasury bond yields declined, allowing fixed mortgage rates to ease to new all-time lows this week.”

The rate for the 30-year averaged 3.84 percent in the prior week and 4.63 percent in the same period a year ago.

Rates on the 15-year fixed mortgage averaged 3.05 percent in the latest week, down from 3.07 percent last week and 3.82 percent a year ago.

According to Freddie Mac, average interest rates on five-year Treasury indexed hybrid adjustable mortgages averaged 2.81 percent, down from 2.85 percent last week and 3.41 percent from a year ago.

Rates for 30-year conforming mortgages also fell to a record low in the Mortgage Bankers Association weekly survey released Wednesday.

The MBA also reported that mortgage applications increased 1.7 percent in the current period, a hopeful sign for the ailing housing market.

Article © AHN – All Rights Reserved

All Stories

You can leave a response, or trackback from your own site.

Leave a Reply