Mortgage Rates Came in at a Six Week Low at 5 Percent
Greetings neighbors,
For the second straight week in a row mortgage rates have been low and are at their lowest in six weeks according to Freddie Mac's weekly survey.
For the week ending May 6th, 30-year fixed-rate mortgages came in at 5% with an average 0.7% point which is a decrease from last week's number of 5.06%. A year ago at this time the 30-year FRM averaged 4.84%.
In addition, the survey showed 15-year FRM's at 4.36% with an average point of 0.7 which is also down from last week's number of 4.39%. A year ago 15-year FRM's were at 4.51%.
The 5-year Treasury-indexed hybrid ARM averaged 3.97% with an average point of 0.7 this week which was a decrease of last week's 4%. This time last year, 5-year ARM's averaged 4.9%.
Freddie Mac's survey also showed the average rate for one-year Treasury -indexed ARMS this week to be 4.07% with an average point of 0.6 which is down from last week's number of 4.25%. Last year's average of the one-year ARM was 4.78%.
