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U.S. mortgage rates fall for third straight week

05-06-2011 09:34 BJT

WASHINGTON, May 5 (Xinhua) -- U.S. mortgage rates fell for a third consecutive week, according to the Primary Mortgage Market Survey released Thursday by Freddie Mac.

Freddie Mac said that 30-year fixed-rate mortgages (FRM) fell to a yearly low of 4.71 percent for the week ending May 5, down from last week when it averaged 4.78 percent. Last year at this time, the 30-year FRM averaged 5.00 percent.

The 15-year FRM dipped to 3.89 percent, down from the previous week's 3.97 percent. A year ago at this time, the 15-year FRM averaged 4.36 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.47 percent, decreasing from the prior week's 3.51 percent, Freddie Mac said.

Moreover, the 1-year Treasury-indexed ARM averaged 3.14 percent this week, down from last week when it averaged 3.15 percent.

"Weaker economic data reports reduced Treasury bond yields and allowed mortgage rated to drift lower fro the third consecutive week," said Frank Nothaft, vice president and chief economist of Freddie Mac.

To calculate average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday of each week. Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets.

 

Editor:Du Xiaodan |Source: Xinhua

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