Mortgage Rates Hit 50-Year Low
(Best Syndication News) Mortgage rates moved lower today in the United States (see chart below for details) while purchase applications plummet 27 percent last week. One analysis indicates that rates have hit a 50-year low.
30-Year Fixed Mortgage
The average 30-year fixed rate mortgage was 4.90 percent Friday, according to data collected by Best Syndication News. Rates dropped from 4.94 percent Thursday and 4.97 percent last Friday. Freddie Mac calculated the average to be 4.84 percent this last week. That is down from 4.93 percent the week before.
Many analysts thought that rates would increase once the Federal Reserve ended their purchase of mortgage backed securities at the end of March. That did not happen and rates continued to move lower.
15-Year Fixed Mortgage Rates
The crisis in Europe is driving rates down, according to a publisher of consumer loan information, Keith Gumbinger. Rates on 15-year mortgages are definitely lower, according to data collected by us and by Freddie Mac.
The 15-year FRM rate was 4.29 percent. Last Friday the rate was 4.37 percent. The average for the week was 4.33 percent.
Adjustable Rate Mortgages
The average 5/1 ARM was 3.51 percent on Friday. The week before the rate was 3.54 percent.
By: John Waters
|Best Syndication News Mortgage Survey|
|05/19/10||05/20/10||05/21/10||Overall Average APR||1-wk Average|
|4.95%||4.94%||4.90%||Average 30 yr fixed||4.94%|
|4.34%||4.33%||4.29%||Average 15 year FRM||4.33%|
|3.52%||3.51%||3.51%||Average 5/1 ARM||3.51%|
|5.62%||5.61%||5.61%||30 Yr Fixed Jumbo||5.62%|
|4.83%||4.83%||4.82%||15 Yr Fixed Jumbo||4.83%|