Fixed Rates Reach Record-Low
As the employment situation continues to raise concerns, fixed rates fell even lower, slipping yet again to new record-lows, according to a survey from Freddie Mac released Thursday.
The 30-year fixed-rate mortgage averaged 3.67 % for the week ending June 7, falling from last week’s average of 3.75 %. Last year at this time, the 30-year fixed was 4.49 %.
The 15-year fixed rate declined even further below 3 % to 2.94 %, down from last week’s 2.97 %. A year ago at this time, the 15-year was 3.68 %.
“Fixed mortgage rates reached new record lows for the sixth consecutive week as long-term Treasury bond yields declined further following downwardly revised economic growth and job creation data,” said Frank Nothaft, VP and chief economist for Freddie Mac.
The 5-year ARM remained unchanged from last week at 2.84 %, a year ago the rates 3.28 %.
The 1-year ARM moved up to 2.79 %, up from last week’s 2.75 %. Last year, it averaged 2.95 %.
Bank rate also released its survey on mortgage rates and reported record-low averages. The 30-year fixed slipped to 3.92 %, down from last week when it averaged 3.94 %. On the other hand, the 15-year fixed rose slightly to 3.16 % from last week’s 3.15 %.
The five-year fell to 2.99 % from 3.01 % last week. Bank rate’s national survey uses data provided by the top 10 banks and thrifts in the top 10 markets.