Fixed and adjustable-rate mortgages sank to new lows for the year, continuing a downward spiral for the eighth straight week, Freddie Mac reports in its weekly mortgage market survey.
Here’s a closer look at how rates fared for the week:
▪ 30-year fixed-rate mortgages averaged 4.49 percent this week, down from last week’s 4.55 percent average. A year ago at this time, 30-year rates averaged 4.72 percent.
▪ 15-year fixed-rate mortgage rates averaged 3.68 percent–its lowest level since November 2010. A year ago at this time, the 15-year rate averaged 4.17 percent.
▪ 5-year adjustable-rate mortgages averaged 3.28 percent this week, slipping from last week’s 3.41 percent average. A year ago at this time, the 5-year ARM averaged 3.92 percent.
Source: “Mortgage Rates Move Lower Following Weak Jobs Report,” Freddie Mac (June 9, 2011)