Mortgage Rates Drop Yet Again to a Record Low in 2011
Mortgage rates dropped yet again to another record low for 2011, falling to the lowest level in nearly 6 months and helping the real estate market which is on life support. Both fixed mortgage rates and adjustable mortgage rates dropped this week.
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Fixed conforming 30 year mortgage rates drop to 4.60% for the week ending May 26, 2011, in Freddie Mac's weekly Primary Mortgage Market Survey. This rate is down from last week's average 30 year mortgage rate of 4.61% with 0.7 mortgage discount points.
15 year mortgage rates averaged 3.78% with 0.7 points for the week ending May 26, 2011, a decline from the previous week's average of 3.80%.
5 year Treasury indexed adjustable mortgage rates averaged 3.41% with 0.5 points for the week ending May 26, down from the prior week's average 5 year adjustable rate of 3.48%.
1 year Treasury indexed adjustable mortgage rates averaged 3.11% with 0.5 points for the week ending May 26, down from last week's average 1 year adjustable rate of 3.15%.
Mortgage rates have been declining for a couple of months now on weak economic data. Most mortgage analysts believed rates would increase when the Fed announced it would stop buying U.S. Treasuries. The opposite has happened and rates have stayed near record lows.
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