In Time for Buying Season, Rates Hit Yearly Lows

By
Real Estate Agent with The Chad Madlom Team


Daily Real Estate News  |  May 6, 2011  |   Share In Time for Buying Season, Rates Hit Yearly Lows
The 30-year fixed-rate mortgage, a popular choice among buyers, sank even lower this week, matching its yearly low of 4.71 percent from January, reports Freddie Mac in its weekly mortgage market survey. Last year at this time, the 30-year fixed-rate mortgage averaged 5 percent.

Meanwhile, the 15-year fixed-rate hit a new yearly low of 3.89 percent this week. Last week, the 15-year fixed-rate mortgage averaged 3.97 percent. The 15-year rate averaged 4.36 percent last year at this time. It reached its lowest level on record in November when it averaged 3.57 percent.

The one-year adjustable-rate mortgage averaged 3.14 percent, down from last week's 3.15 percent. Last year at this time, it averaged 4.07 percent.

"Weaker economic data reports reduced Treasury bond yields and allowed mortgage rates to drift lower for the third consecutive week," says Frank Nothaft, Freddie Mac's chief economist.

Source: "30-Year Fixed-Rate Mortgage Matches Yearly Low of 4.71 Percent," Freddie Mac (May 5, 2011)

Copyright National Association of REALTORS®. Reprinted with permission.

Comments (2)

Krista Lombardi
Prudential Calfornia Realty - San Diego, CA

Couldn't be a better time!:)  Thanks for the read.

May 08, 2011 04:00 AM
Pat Champion
John Roberts Realty - Eustis, FL
Call the "CHAMPION" for all your real estate needs

You are right now is the time to buy there are some awesome rates and values for the home buyer in the market.

May 08, 2011 04:25 AM

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