Long-term mortgage rates decreased this week, according to Freddie Mac’s weekly mortgage survey.
Freddie Mac reported that the 30-year fixed-rate mortgage averaged 5.77 percent for the week ended today, down from last week when it averaged 5.81 percent. The average for the 15-year fixed-rate mortgage is 5.21 percent, down from last week when it averaged 5.23 percent. Points on the 30-year averaged 0.7, while those on the 15-year averaged 0.6.
Five-Year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.03 percent this week, with an average 0.5 points.
One-year Treasury-indexed adjustable-rate mortgages averaged 4.1 percent this week, with an average 0.7 point, down from last week when they averaged 4.19 percent.
“Economic news seems to reflect steady growth and low inflation, placing little upward pressure on interest rates,” said Amy Crews Cutts, Freddie Mac deputy chief economist. “Although we expect mortgage rates will start to trend gently upward over the year, 30-year fixed mortgage rates should stay under 6 percent, at least through the first quarter.
“Also, our annual ARM survey confirmed that the market for hybrid ARM products has grown large enough for us to track the direction this market segment is taking. Therefore, starting this week we are adding a 5/1 ARM series to the Primary Mortgage Market Survey.”
The following is a sampling of Bankrate’s average 30-year-mortgage interest rates this week in some U.S. metropolitan areas.
New York – 5.85 percent with 0.16 point
Los Angeles – 5.84 percent with 0.57 point
Chicago – 5.87 percent with 0.02 point
San Francisco – 5.86 percent with 0.36 point
Philadelphia – 5.72 percent with 0.33 point
Detroit – 5.75 percent with 0.25 point
Boston – 5.86 percent with 0.03 point
Houston – 5.81 percent with 0.62 point
Dallas – 5.85 percent with 0.35 point
Washington, D.C. – 5.68 percent with 0.68 point
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