Average 15 Year Mortgage Rates Break Through 3.00 Percent Today

As we predicted late last week average 15 year mortgage rates hit a record low and broke through 3.00 percent in Freddie Mac's Primary Mortgage Market Survey. In the survey, 15 year mortgage rates hit an all-time record low of 2.97 percent with 0.7 points, down from the previous week's average 15 year mortgage rate of 3.04 percent.

Average 30 year mortgage rates also hit a record low in the survey at 3.75 percent with 0.8 points for the week ending May 30th, 2012, down from the prior week's average 30 year mortgage rate of 3.78 percent. 

Bond yields tumbled yesterday and are are currently down another 5 basis points which means average mortgage rates today are headed even lower then the PMMS survey. Yields are lower because of a weaker jobs report for May which points to a loss in momentum in the recovery.

Adjustable mortgage rates were mixed in the PMMS survey. 5 year adjustable mortgage rates averaged 2.84 percent with 0.6 points, up from the previous week's average 5 year adjustable mortgage rate of 2.83 percent.

1 year adjustable mortgage rates averaged 2.75 percent with 0.4 mortgage points, unchanged from the previous week's average 1 year adjustable rate.

Record low refinance rates are helping homeowners refinance mortgages to new lower refi rates but can't seem to help the housing market recover from the bust. The National Association of Realtors reported a 5.5 percent April decline of Pending Home Sales.

 
Author: Brian McKay
May 31st, 2012

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