Mortgage Rates Reach Another Low for 2011 — New York Real Estate

Mortgage Rates Reach Another Low for 2011

by John Tayeb on June 6, 2011

Mortgage Rates

For nearly two months, mortgage rates have been steadily dropping, and this week rates reached another low for the year, Freddie Mac reports in its weekly mortgage market survey.

Here’s a closer look at average mortgage rates for the week:

30-year fixed-rate mortgage: The most popular financing choice among buyers, the 30-year fixed-rate mortgage continued to drop this week, averaging 4.55 percent. Last week it had hit a 2011 low at 4.60 percent. Last year at this time, the 30-year rate averaged 4.79 percent.
15-year fixed-rate mortgage: It averaged 3.74 percent this week, down from last week’s 3.78 percent. Last year at this time, 15-year rates averaged 4.20 percent.
5-year adjustable-rate mortgage: It held steady at 3.41 percent this week. A year ago, the 5-year ARM averaged 3.94 percent.

Source: “Fixed Mortgage Rates Continue Downward Slide,” Freddie Mac (June 2, 2011)

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