Long-Term Mortgage Rates Slip Lower Again For The Fifth Consecutive Week
McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market SurveySM (PMMSSM) in which the 30-year fixed-rate mortgage (FRM) averaged 5.75 percent, with an average 0.6 point, for the week ending May 5, 2005, down from last week when it averaged 5.78 percent. Last year at this time, the 30-year FRM averaged 6.12 percent. The average for the 15-year FRM this week is 5.31 percent, with an average 0.6 point, down from last week when it averaged 5.33 percent. A year ago, the 15-year FRM averaged 5.47 percent. Five-Year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.16 percent this week, with an average 0.6 point, down from 5.20 last week. There is no annual historical information for last year since Freddie Mac only began tracking this mortgage rate at the start of this year. One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 4.22 percent this week, with an average 0.7 point, up very slightly from last week when it averaged 4.21 percent. At this time last year, the one-year ARM averaged 3.76 percent. "Long-term mortgage rates, which dropped again for the fifth consecutive week, remain low enough to keep refinancing activity a viable option for many," said Frank Nothaft, vice president and chief economist. "Not only can homeowners take some equity out of their home, many may also be able to lower their mortgage rate at the same time." "With some economic indicators showing signs that the economy is experiencing a soft spot at the moment, low mortgage rates will ensure that housing activity will continue to flourish throughout the spring buying season." |
