Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac
30-year fixed-rate mortgage:
averaged 4.78 percent with an average 0.7 point for the week ending April 28, 2011, down from last week when it averaged 4.80 percent. Last year at this time, the 30-year FRM averaged 5.06 percent.
The 15-year fixed-rate mortgage: this week averaged 3.97 percent with an average 0.7 point, down from last week when it averaged 4.02 percent. A year ago at this time, the 15-year FRM averaged 4.39 percent.
Five-year indexed hybrid adjustable-rate mortgages ARMs: averaged 3.51 percent this week, with an average 0.6 point , down from last week when it averaged 3.61 percent. A year ago, the 5-year ARM averaged 4.00 percent .
One-year Treasury-indexed ARMs: averaged 3.15 percent this week with an average 0.6 point, downfrom last week when it averaged 3.16 percent. At this time last year, the 1-year ARM averaged 4.25 percent.
Freddie Sayz
Declining home prices and a high level of foreclosures continue to affect housing tenure decisions. Between the third quarter of last year and the first quarter of 2011, the housing stock experienced a decline of nearly 400,000 homeowners on net, according to the Census Bureau. However, the National Association of Realtors reported that during the same period there were almost 700,000 first-time homebuyers, which suggests gross losses may have been closer to 1.1 million homeowners over the October-through-March timeframe
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