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U.S. fixed mortgage rates continue to slide

06-03-2011 08:56 BJT

WASHINGTON, June 2 (Xinhua) -- U.S. fixed mortgage rates dropped for the seventh straight week to new lows amid weak economic and housing data, according to the Primary Mortgage Market Survey released Thursday by Freddie Mac.

Freddie Mac said that 30-year fixed-rate mortgage (FRM) fell to a yearly low of 4.55 percent for the week ending June 2, 2011, down from last week when it averaged 4.60 percent. Last year at this time, the 30-year FRM averaged 4.79 percent.

The 15-year FRM dipped to 3.74 percent, down from the previous week's 3.78 percent. A year ago at this time, the 15-year FRM averaged 4.20 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.41 percent, the same from last week, the company said.

In addition, the 1-year Treasury-indexed ARM averaged 3.13 percent this week, up from last week when it averaged 3.11 percent.

"Fixed mortgage rates followed U.S. Treasury yields lower this week amid financial market concerns that the current lull in the economy is continuing," 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:Yang Jie |Source: Xinhua

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