Mortgage Rates at Lowest Level of the Year

Mortgage Rates at Lowest Level of the Year - The 30-year fixed-rate mortgage averaged 4.93% with an average 0.7 point for the week ending May 13, 2010, according to Freddie Mac's Primary Mortgage Market Survey.  Last week, it averaged 5.00%, and a year ago it averaged 4.81%.  "Interest rates on fixed-rate mortgage declined for the 5th straight week," said Frank Nothaft, Freddie Mac vice president and chief economist.  "The National Association of Realtors® reported that median house prices are recovering in more local areas in the latest quarter.  On a year-over-year basis for the 152 areas the association reports on, 91 metropolitan areas had positive growth in the first quarter of this year."  Read full article:
http://realtytimes.com/rtpages/20100514_rates.htm