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Mortgage Rates Keep Pushing Lower

Mortgage Rates Dipping Again!

Freddie Mac recently released the results of its Primary Mortgage Market Survey (PMMS) showing average fixed mortgage rates moving lower for the fifth consecutive week amid the weaker than expected first quarter economic growth advance estimate. The 30-year fixed-rate mortgage at 3.35 percent is hovering just above its all-time record low of 3.31 percent set the week of November 21 2012. The 15-year fixed-rate mortgage set a new all-time record low this week at 2.56 percent eclipsing the record set last week.

The 30-year fixed-rate mortgage (FRM) averaged 3.35 percent with an average 0.7 point for the week ending May 2 2013 down from last week when it averaged 3.40 percent. Last year at this time the 30-year FRM averaged 3.84 percent.

Additionally the 15-year FRM this week averaged 2.56 percent with an average 0.7 point down from last week when it averaged 2.61 percent. A year ago at this time the 15-year FRM averaged 3.07 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.56 percent this week with an average 0.5 point down from last week when it averaged 2.58 percent. A year ago the 5-year ARM averaged 2.85 percent.

The survey showed that the 1-year Treasury-indexed ARM averaged 2.56 percent this week with an average 0.3 point down from last week when it averaged 2.62 percent. At this time last year the 1-year ARM averaged 2.70 percent.

"Mortgage rates eased somewhat following the release of the advance estimate of real GDP growth for the first quarter of the year which rose 2.5 percent but fell short of the market consensus forecast" says Frank Nothaft vice president and chief economist Freddie Mac.

"The latest GDP report confirmed that the housing sector has become an important contributor to the economic recovery. Residential fixed investment added to overall economic growth over the past eight consecutive quarters and contributed more than 0.3 percentage points in growth over the first three months of this year. Moreover near record low mortgage rates should further drive the housing market recovery over the near term."

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