Long-Term Mortgage Rates Hit New Lows
May 17, 2012 by UPI - United Press International, Inc.
WASHINGTON (UPI) — Average mortgage rates for long-term, fixed-rate loans fell to record lows for the third consecutive week, the Federal Home Loan Mortgage Corp. said.
In the week ending Thursday, average rates for 30-year contracts dropped from 3.83 percent to 3.79 percent with 0.7 points. Thirty-year mortgage rates averaged 4.61 percent the same week of 2011.
Average rates on 15-year contracts fell from 3.05 percent to 3.04 percent with 0.7 points, also setting a record low.
A year earlier, rates on 15-year contracts stood at 3.8 percent.
Five-year adjustable rate mortgages averaged 2.83 percent in the week with an average 0.6 points, up from 2.81 percent in the previous week.
A year earlier, five-year adjustable rate contracts averaged 3.48 percent.
Average rates on one-year treasury-indexed adjustable mortgages rose from 2.73 percent to 2.78 percent with 0.5 points. A year ago, rates for these loans averaged 3.15 percent.