Industry NewsMortgage

Mortgage rates slide for 5th week in a row

30-year fixed rate hits new low for year, spurring refinancings
Published on May 19, 2011

Mortgage rates fell for the fifth week in a row as economic uncertainty continues to make bonds that fund most mortgage loans attractive to investors.Rates on 30-year fixed-rate mortgages hit a new low for the year, averaging 4.61 percent with an average 0.7 point for the week ending May 19, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey.That's down from 4.68 percent last week and 4.84 percent a year ago. Rates on 30-year fixed-rate mortgages hit an all-time low in Freddie Mac records dating to 1971 of 4.17 percent during the week ending Nov. 11, 2010, before climbing to a 2011 high of 5.05 percent in February.Rates on 15-year fixed-rate mortgages averaged 3.8 percent with an average 0.7 point, down from 3.82 percent last week and 4.24 percent a year ago. Rates on 15-year mortgages hit an all-time low in records dating back to 1991 of 3.57 percent in November.For 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans, rates averaged ...

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