5-year ARM interest rates hit new record low

New York /
Jun.June 30, 2011 01:17 PM

The average interest rate for the five-year adjustable-rate mortgage dropped to a new record low over the past seven days, while fixed-rate mortgages remained flat on a week-over-week basis, according to the latest data from government-backed mortgage giant Freddie Mac. The five-year Treasury-indexed ARM hit 3.22 percent this week, down from 3.25 percent last week and 3.79 percent during the same week one year ago. The previous record low was 3.25 percent in November 2010. Meanwhile, the 30-year fixed-rate mortgage saw an average interest rate of 4.51 percent, up only slightly from last week, when it averaged 4.5 percent, but down from last year’s 4.58 percent. Its 15-year counterpart held steady at 3.69 percent week-over-week, but was down from 4.04 percent last year at this time. According to Frank Nothaft, chief economist at Freddie Mac, this was the fourth consecutive week in which the 30-year mortgage held steady, despite “mixed reports on the strength of the economy,” and “some signs of improvement in the housing market.” — Sarabeth Sanders


Related Articles

arrow_forward_ios
(iStock)
Rents in New York and South Florida metros surged more than 30%, led nationwide rise
Rents in New York and South Florida metros surged more than 30%, led nationwide rise
Princeton proud: Eric Schmidt reportedly bidding to save club
Princeton proud: Eric Schmidt reportedly bidding to save club
Princeton proud: Eric Schmidt reportedly bidding to save club
Fannie, Freddie to buy mortgages up to nearly $1M
Fannie, Freddie to buy mortgages up to nearly $1M
Fannie, Freddie to buy mortgages up to nearly $1M
Capital pains: How lenders are getting creative to get paid
Capital pains: How lenders are getting creative to get paid
Capital pains: How lenders are getting creative to get paid
(iStock)
Refinancing has saved homeowners billions, but window is closing
Refinancing has saved homeowners billions, but window is closing
RIP: Zombie homes on the decline
RIP: Zombie homes on the decline
RIP: Zombie homes on the decline
NY seeks $540M in mortgage aid. Homeowners need $6B
NY seeks $540M in mortgage aid. Homeowners need $6B
NY seeks $540M in mortgage aid. Homeowners need $6B
The Princeton Club flag in front of 15 West 43rd Street (Google Maps)
Paper Tigers: Princeton Club defaults on $39M mortgage, may lose digs
Paper Tigers: Princeton Club defaults on $39M mortgage, may lose digs
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...