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Florida Mortgage Rates are Still Falling!

Average 15-Year Fixed-Rate Mortgage Breaks Barrier, Falls To 2.97 Percent

Freddie Mac recently released the results of its Primary Mortgage Market Survey (PMMS) showing fixed mortgage rates following bond yields lower to new all-time record lows. The 30-year fixed averaged 3.75 percent setting a new all-time record low for the fifth consecutive week. The 15-year fixed averaged an unprecedented 2.97 percent bringing three of the four benchmark mortgage rates below 3 percent for the first time in Freddie Mac's weekly survey.

The survey showed that the 30-year fixed-rate mortgage (FRM) averaged 3.75 percent with an average 0.8 point for the week ending May 31 2012 down from last week when it averaged 3.78 percent. Last year at this time the 30-year FRM averaged 4.55 percent.

Additionally the 15-year FRM this week averaged 2.97 percent with an average 0.7 point down changed from last week when it averaged 3.04 percent. A year ago at this time the 15-year FRM averaged 3.74 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.84 percent this week with an average 0.6 point up from last week when it averaged 2.83. A year ago the 5-year ARM averaged 3.41 percent.

Results showed that the 1-year Treasury-indexed ARM averaged 2.75 percent this week with an average 0.4 point unchanged from last week. At this time last year the 1-year ARM averaged 3.13 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage.

"Market concerns over tensions in the Eurozone led to a decline in long-term Treasury bond yields helping to bring fixed mortgage rates to new record lows this week" says Frank Nothaft vice president and chief economist of Freddie Mac. "Compared to a year ago rates on 30-year fixed mortgage rates are almost 0.9 percentage points lower which translates into nearly $1200 less in annual payments on a $200000 loan. Meanwhile the S&P/Case-Shiller 20-city composite home price index not seasonally adjusted showed annual home-value gains in March in seven cities and a monthly gain in 12 cities."

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