Historic Lows for Fixed Mortgage Rates Hold Steady

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.78 percent with an average 0.8 point for the week ending May 24, 2012, down from last week when it averaged 3.79 percent. Last year at this time, the 30-year FRM averaged 4.60 percent. 
  • 15-year FRM this week averaged 3.04 percent with an average 0.7 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.78 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent this week, with an average 0.6 point, unchanged from last week. A year ago, the 5-year ARM averaged 3.41 percent.
  • 1-year Treasury-indexed ARM averaged 2.75 percent this week with an average 0.4 point, down from last week when it averaged 2.78 percent. At this time last year, the 1-year ARM averaged 3.11 percent.  

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

QuotesAttributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

  • "Mortgage rates were virtually unchanged this week with fixed-rate loans remaining at record lows and helping to drive homebuyer affordability. The National Association of Realtor's Housing Affordability Index reached an all-time record high in the first quarter of this year since records began in 1970. In April, existing home sales rose to the highest rate since January with an annualized rate of 4.62 million homes with purchases increasing in all four Census Regions. Similarly, sales of new homes also rose last month, beating the market consensus forecast. In addition, the Federal Housing Finance Agency purchase-only house price index rose 0.4 between the first quarter of 2011 and 2012 and represented the first 4-quarter increase since the first quarter of 2007.

Get the latest information from Freddie Mac's Office of the Chief Economist on Twitter: @FreddieMac

Find the best mortgage rates and home loans at iMortgage Guide - The Mortgage Search Engine.
iMortgageGuide.com is a service mark of iMortgageGuide.com LLC.
Copyright © 2006- iMortgageGuide.com LLC All rights reserved.
a Value Capital Group company