facebook
twitter
search
search

Long-term mortgage rates at record lows

May 31, 2012 at 1:04 PM
| License Photo

WASHINGTON, May 31 (UPI) -- Average mortgage rates for 30-year, fixed-rate loans fell to record lows for the fifth consecutive week, the Federal Home Loan Mortgage Corp. said Thursday.

Average rates for 30-year contracts dropped from 3.78 percent to 3.75 percent with 0.8 points, a record low. Thirty-year mortgage rates averaged 4.55 percent the same week of 2011.

Average rates on 15-year contracts hit a record low of 2.97 percent with 0.7 points, down from 3.04 percent a week ago, Freddie Mac said.

A year earlier, rates on 15-year contracts stood at 3.74 percent.

Five-year adjustable rate mortgages averaged 2.84 percent in the week with an average 0.6 points, up from the previous week, when average rates were at 2.83 percent. Five-year adjustable rate loans averaged 3.41 percent a year earlier.

Average rates on one-year treasury-indexed adjustable mortgages were unchanged in the week at 2.75 percent with 0.4 points. A year ago, rates for these loans averaged 3.13 percent.

Freddie Mac Vice President and Chief Economist Frank Nothaft said "tensions in the eurozone led to a decline in long-term Treasury bond yields, helping to bring fixed mortgage rates to new record lows this week."

Nothaft noted that compared to a year earlier, 30-year, fixed-rate mortgages at current rates save homeowners $1,200 in annual payments based on a $200,000 loan.

Related UPI Stories
Latest Headlines
Trending Stories
N.H. primary polls open: Kasich, Sanders get early leads
5 Reasons why Denver Broncos won't be repeat champions
U.N. report: Syria's Assad guilty of 'inhuman' crimes, gruesome torture, deaths
On heels of E. coli outbreaks, Chipotle spending millions for new ingredient safeguards
Hugh Jackman shows photo of his latest skin cancer treatment