According to Freddie Mac's recent report, the average rate for 30-year fixed-rate mortgages experienced a week-over-week decline to 4.63 percent during the week ending May 12. This drop now places the rate at its lowest level since December.
During the same week last year, the rate settled at 4.93. Furthermore, Freddie Mac revealed that, in order for consumers to obtain the lowest possible rate, consumers needed to pay an average 0.7 point - a point is 1 percent of the overall mortgage amount.
"Mortgage rates continued to decline this week following a mixed employment report," said Frank Nothaft, chief economist at Freddie Mac.
Regarding 15-year fixed-rate mortgages, the interest rate averaged 3.82 percent, down from 3.89 percent week-over-week.
Freddie Mac also revealed that the five-year Treasury-indexed hybrid adjustable-rate mortgage settled at an average of 3.41 percent, a slight decline from 3.47 percent last week. The one-year hybrid ARM averaged 3.11 percent, falling from 3.14 percent last week.
In Houston, mortgages have been handed out in increased levels recently, as the area has attracted many property investors, along with Dallas and Denver, Bloomberg reports.
Courtesy of 2M Realty News