Based on Freddie Mac's latest Primary Mortgage Market Survey (PMMS), record lows for average fixed mortgage rates holding steady for the week. The 30-year fixed-rate mortgage ticked slightly down to 3.78 percent and 15-year fixed-rate mortgages remained unchanged from last week at 3.04 percent.
Frank Nothaft, vice president and chief economist of Freddie Mac said, "Mortgage rates were virtually unchanged this week with fixed-rate loans remaining at record lows and helping to drive homebuyer affordability. The National Association of Realtor's Housing Affordability Index reached an all-time record high in the first quarter of this year since records began in 1970. In April, existing home sales rose to the highest rate since January with an annualized rate of 4.62 million homes with purchases increasing in all four Census Regions. Similarly, sales of new homes also rose last month, beating the market consensus forecast. In addition, the Federal Housing Finance Agency purchase-only house price index rose 0.4 between the first quarter of 2011 and 2012 and represented the first 4-quarter increase since the first quarter of 2007.
The 30-year fixed-rate mortgage (FRM) averaged 3.78 percent with an average 0.8 point for the week ending May 24, 2012, down from last week when it averaged 3.79 percent. Last year at this time, the 30-year FRM averaged 4.60 percent.
15-year FRM this week averaged 3.04 percent with an average 0.7 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.78 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent this week, with an average 0.6 point, unchanged from last week. A year ago, the 5-year ARM averaged 3.41 percent.
1-year Treasury-indexed ARM averaged 2.75 percent this week with an average 0.4 point, down from last week when it averaged 2.78 percent. At this time last year, the 1-year ARM averaged 3.11 percent.