Fixed-rate mortgages pushed lower for the fifth-consecutive week, with low mortgage rates further driving the housing recovery over the near term, says Frank Nothaft, Freddie Mac’s chief economist.
This week, the 30-year fixed-rate mortgage hovered near its all-time record low, while 15-year rates set a new record.
Freddie Mac reports the following national averages with mortgage rates for the week ending May 2, 2013:
•30-year fixed-rate mortgages: averaged 3.35 percent, with an average 0.7 point, just shy of its 3.31 percent record set during the week of Nov. 21, 2012. A year ago at this time, 30-year rates averaged 3.84 percent.
•15-year fixed-rate mortgages: sank to an all-time record low of 2.56 percent, with an average 0.7 point, dropping from last week’s previous record of 2.61 percent. Last year at this time, 15-year rates averaged 3.07 percent.
•5-year adjustable-rate mortgages: averaged 2.56 percent, with an average 0.5 point, dropping from last week’s 2.58 percent average. Last year at this time, 5-year ARMs averaged 2.85 percent.
•1-year ARMs: averaged 2.56 percent, with an average 0.3 point, dropping from last week’s 2.62 percent average. A year ago at this time, 1-year ARMs averaged 2.70 percent.
Source: Freddie Mac