Most people do not realize how low mortgage interest rates remain. Not only have rates declined, but they are now close to the historic low rates of the past year. Here is a recent article that gives you some insight into where home loan rates currently are.
The 30-year fixed-rate mortgage continues to hover around 4 percent for the fourth consecutive week.
“Mixed economic reports over the last week have anchored the 30-year mortgage rate around the 4 percent mark,” says Sean Becketti, Freddie Mac’s chief economist.
Freddie Mac reports the following national averages for the week ending May 11:
- 30-year fixed-rate mortgages: averaged 4.05 percent, with an average 0.5 point, rising from last week’s 4.02 percent average. Last year at this time, 30-year rates averaged 3.57 percent.
- 15-year fixed-rate mortgages: averaged 3.29 percent, with an average 0.5 point, rising from last week’s 3.27 percent. A year ago, 15-year rates averaged 2.81 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.14 percent, with an average 0.5 point, rising from last week’s 3.13 percent average. Last year at this time, 5-year ARMs averaged 2.78 percent.
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