Found this story on mortgage rates in RealtorMag, talks about rates being pushed lower for the 5th week in a row…
Fixed-rate mortgages pushed lower for the fifth-consecutive week, with low mortgage rates further driving the housing recovery over the near term.
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.
referances: realtor magazine, daily real estate news, freddie mac