The average interest rate for thirty-year and fifteen-year fixed rate mortgages continue to remain at record lows.
Today the interest rate for a thirty-year fixed rate mortgage (FRM) averaged at 4.54%, with an average 0.7 point, down from about 4.625% just a few weeks ago.
The fifteen-year fixed rate mortgage continues to average at historically low levels with today’s rate at 4.0%, with an average 0.7 point, down from a couple of weeks ago when it averaged 4.25%. This is down significantly form this time last year when the 17-year FRM averaged 4.69%
Also the thirty-year fixed rate jumbo mortgage is averaging extremely low levels this week. This week the average rate for this type of loan is at 5.125%, down from 5.50% just about one week ago.
“For the sixth week in a row, interest rates on fixed-rate mortgages eased to all-time record lows during a week of mixed housing data reports. The number of local markets experiencing annual increases in home prices appears to be growing. For instance, 13 metropolitan areas in the S&P/Case-Shiller® 20-city index experienced price appreciation over the 12-months ending in May, compared to 11 in April and 10 in March.”
About Evan Bedard
