Rates Plunge to Low for Year

The average weekly rate for a 30-year fixed-rate mortgage has dropped to its lowest level of the year, according to Freddie Mac. This marks the fifth straight week of declines for the fixed-rate mortgage, according to Freddie Mac vice president and chief economist Frank Nothaft. The average 30-year FRM according to the Primary Mortgage Market Survey for the week ending May 13 was 4.93%. This is its lowest level since the week ending Dec. 10, 2009 when it was at 4.81%. A week ago the average 30-year FRM was 5% and a year ago at this time it was 4.86%. The average 15-year FRM rate during the week ended May 13 was 4.30%, its lowest since the week ending Dec. 3, 2009 when it was 4.27%. A week ago the average 15-year rate was 4.36% and a year ago it was 4.52%. The average rate for a five-year Treasury-indexed adjustable-rate mortgage during the week ended May 13 was 3.95%. This is the lowest this rate has ever been since Freddie started tracking it in January 2005. The average five-year hybrid Treasury ARM rate was 3.97% a week ago and it was 4.82% a year ago. The average rate for a one-year Treasury ARM during the week ended May 13 was 4.02%, which is the lowest it has been since the week ending Nov. 4, 2004 when it averaged 4%. The one-year Treasury ARM averaged 4.07% a week ago and 4.71% a year ago. Average points in the most recent week were as follows: 0.7 for 30-year FRMs and 0.6 for all of the other types of loans.