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Fixed Mortgage Rates Staying Low!

July 2nd, 2011 at 3:10 pm | Type:

Author: david | No Comments

Fixed Mortgage Rates continue to mostly hold steady this week, amid mixed economic reports and some signs of an improving housing market.
However, one rate was on the move: the five-year adjustable-rate mortgage took a dive, reaching a new record low at 3.22%.
Here’s a closer look at mortgage rates for the week?
  • 30 Year Fixed Rate Mortgage – 4.51% average, up slightly from last weeks 4.50% average. A year ago, the 30-year rate averaged 4.58%
  • 15 Year Fixed-Rate Mortgage: 3.69% average, which is the same as last week’s average. Last year at this time, the 15-year rate averaged 4.04%
  • 5 Year adjustable rate mortgage: reached a new low of 3.22%, compared to last week’s 3.25% average, which was the previous record low. Last year at this time, the 5-year ARM averaged 3.79%.
  • 1 Year ARM: averaged 2.97% this week, down rom last week’s 2.99%. A year ago at this time, the 1-year ARM averaged 3.80%.

 

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