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.
Additional details from the PMMS include:
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.
15-year FRM this week averaged 2.97 percent with an average 0.7 point down from last week when it averaged 3.04 percent. A year ago at this time the 15-year FRM averaged 3.74 percent.
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.
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.
Source: Freddie Mac