Interest rates fell this week (May 2, 2011) with the benchmark 30-yr fixed rate remaining below 5 % . Here are the current rates provided provided by Freddie Mac.
30 yr fixed: fell to 4.78% down from 4.80% last week. It hit a 40 yr. low of 4.17% in November, 2010.
15 yr fixed: fell to 3.97% down from 4.02% from the week prior. It reached 3.57% in November, 2010, the lowest level on record starting in 1991.
5 yr adjustable: fell to 3.51% down from 3.61% a week earlier. It hit a 5 yr. low of 3.25% last month, the lowest on record dating back to January, 2005.
1 yr. adjustable: fell to 3.15% down from 3.16% last week.
The rates do not include add-on fees known as points. One point is equal to 1% of the total loan amount.
To calculate the average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a single day.
It's a great time to buy property in Florida !
Info provided courtesy of:
Marsha Montoya Mayer- Realtor (West Palm Beach and Palm Beach, Residential Real Estate Specialist)
Paradise Properties of Florida, Inc.
Email: email@example.com Cell: 561-329-0428