A slow growing economy, a tumble in the markets and Treasury yields has caused mortgage rates to hit a new low in 2011. If weak economic reports continue to come out we might see 30 year mortgage rates mortgageratescurrent.org back near 4.00 percent. Right now Freddie Mac reported 30 year conforming mortgage rates averaged 4.63 percent with an average 0.7 point for the week ending May 12, 2011, down from last week when it averaged 4.71 percent. Do the math by using a mortgage calculator with taxes and see the monthly cost involved.
15 year mortgage rates today are also going lower. 15 year mortgage rates this week averaged 3.82 percent with an average 0.7 point, down from last week when it averaged 3.89 percent. We might see 15 year fixed mortgage rates at 3.50 percent soon.
5 year Treasury indexed adjustable mortgage rates averaged 3.41 percent this week, with an average 0.6 point, down from last week when it averaged 3.47 percent. I don’t ever recall seeing 5 year adjustable loan rates so low.
1 year Treasury indexed adjustable mortgage rates averaged 3.11 percent this week with an average 0.5 point, down from last week when it averaged 3.14 percent. 1 year adjustable loan mortgage rates might be under 3.00 percent before the end of May.