US 30-Year Fixed-Rate Mortgage Drops to 4.80 Percent
Location: McLean
Author:
Eileen Fitzpatrick
Date: Monday, April 25, 2011
Freddie Mac (OTC: FMCC) last week released the results of its
Primary Mortgage Market Survey® (PMMS), which shows mortgage rates
dropping after four consecutive weeks of inching higher.
News Facts
-
30-year fixed-rate mortgage (FRM) averaged 4.80 percent with an
average 0.7 point for the week ending April 21, 2011, down from last
week when it averaged 4.91 percent. Last year at this time, the
30-year FRM averaged 5.07 percent.
-
15-year FRM this week averaged 4.02 percent with an average 0.7
point, down from last week when it averaged 4.13 percent. A year ago
at this time, the 15-year FRM averaged 4.39 percent.
-
1-year Treasury-indexed ARM averaged 3.16 percent this week with
an average 0.6 point, down from last week when it averaged 3.25
percent. At this time last year, the 1-year ARM averaged 4.22
percent.
Average commitment rates should be reported along with average fees
and points to reflect the total cost of obtaining the mortgage. Visit
the following links for the
Regional and National Mortgage Rate Details and
Definitions.
Quotes
Attributed to Frank Nothaft, vice president and chief economist,
Freddie Mac.
- "Low inflation is keeping mortgage rates at bay. The core
consumer price index rose just 0.1 percent in March, below the
market consensus forecast. The 12-month growth rate in core prices
was 1.2 percent, which is also rather low by historical standards.
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