Friday, May 07, 2010
Mortgage Rates Fall To Six-Week Lows
Long-term mortgage rates declined this week, with the average for the benchmark 30-year loan drifting to its lowest level in six weeks, according to Freddie Mac.
The U.S. national average for the 30-year, fixed-rate mortgage fell to 5% this week, from 5.06% last week; while the average for the 15-year, fixed-rate loan declined to 4.36%, from 4.39%.
Iowa mortgage rates for 30-year fixed-rate mortgages remained stable at 4.88% on Wednesday, according to Zillow Mortgage Marketplace.
ARM rates also fell, with the national average for the five-year ARM dipping to 3.99%, from last week's 4%--hitting the lowest level since Freddie started tracking such loans at the beginning of 2005. One-year ARMs averaged 4.07%, down from 4.25%.