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30 year mortgage rate30-year mortgage rates set another record lowThe average interest rate on 30-year mortgages fell to a record low in the week ending May 30, Freddie Mac said Thursday. Thirty-year mortgage rates fell to an average of 5.31% - the lowest on Freddie Mac records dating back to 1971 - from the previous record low of 5.34% set last week. Fifteen-year mortgages were unchanged in the week at an average of 4.73%, the lowest on Freddie Mac records going back to 1991. One-year adjustable rate mortgages (ARM) inched upward to an average of 3.63% compared with last week's record low average of 3.61%. Freddie Mac records on the ARM trace back to 1984. A year ago, 30-year mortgages stood at an average of 6.76%, 15-year mortgages at 6.22% and the ARM at 4.76%. On Tuesday the National Association of Realtors said U.S. April existing home sales jumped 5.6% to a 5.84 million unit annual rate, while the Commerce Department reported a 1.7% rise in April new home sales to an annual rate of 1.028 million units. On Wednesday the Mortgage Bankers Association said its U.S. index of demand for loans to refinance rose to 8,840.9, up 5.9% from the prior week and near the record high of 9,387 set in mid-March. Nothaft said the MBA report proved the refinancing industry was "already bustling." Freddie Mac said lenders charged an average of 0.6% in fees and points on 30- and 15-year mortgages as well as the ARM, all down from 0.7% last week. Freddie Mac is a corporation chartered by Congress that buys mortgages from lenders and packages them into securities for investors or holds them in its own portfolio. You might find different 30 year mortgage rate from different companies. Whether you are interested in the principal residential mortgage, current mortgage rate, or 30 year mortgage rate, we can help. |
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