Fixed-rate mortgages fell again for the seventh consecutive week. This low rate we haven't seen since November of 2010.Freddie Mac released market data showing the 30-year fixed-rate mortgage averaged 4.55% for the week that just ended – 2 June 2011. This is down from 4.60% one week earlier. Last year at this time, 30-year fixed-rate mortgages were averaging 4.79%.
The 15-year fixed-rate mortgage this week settled at an average of 3.74%. The week before it was 3.78%, and last year at this same time it was 4.20%.
The weekly Freddie Mac market survey comes from data that has been reported by about 125 different lending institutions all around the USA.
The 5-year ARM (fixed rate for the first 5 years, then adjustable after that) averaged 3.41% in the same survey. This was no change from the prior week, but it is down from this same time last year when it averaged 3.94%.
This is good news for buyers, as well as for homeowners. By the way, it is a great time to buy investment property. Call me – 408-202-2089.
Geoffrey Gault
CA DRE lic # 01129916 NMLS # 346758
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