Fixed-rate mortgages continue to fall |
| MarketWatch - May 27, 2010 |
Continued instability in financial markets overseas drove U.S. fixed-rate mortgage rates lower this week, and Freddie Mac's chief economist on Thursday said the low rates could soften effects of the home-buyer tax credit's expiration.
The 30-year fixed-rate mortgage averaged 4.78% for the week ending May 27, down from last week's 4.84% average. The mortgage averaged 4.91% a year ago, and hasn't been lower since the week ending Dec. 3, when it averaged 4.71%.
Rates on 15-year fixed-rate mortgages a record, averaging 4.21% -- the lowest level since Freddie Mac began tracking the mortgage in 1991. The mortgage averaged 4.24% last week and 4.53% a year ago.
One-year Treasury-indexed adjustable-rate mortgages averaged 3.95%, down from 4% last week. The ARM averaged 4.69% a year ago, and hasn't been lower since the week ending May 27, 2004, when it averaged 3.87%.
Read Full Article from MarketWatch
- Posted: 2010-05-27 10:50:37
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