30-Year Mortgage Rate Reaches New Low for the Year

The 30-year fixed-rate mortgage averaged 4.21 percent this week, the lowest since November 2013, Freddie Mac reports in its weekly mortgage market survey.

Mortgage rates continued moving down following the decline in 10-year Treasury yields after a dismal report on real GDP growth in the first quarter,” says Frank Nothaft, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages for mortgage rates for the week ending May 8:

•    30-year fixed-rate mortgages: averaged 4.21 percent, with an average 0.6 point, dropping from last week’s 4.29 percent average. Last year at this time, 30-year rates averaged 3.42 percent.
•    15-year fixed-rate mortgages: averaged 3.32 percent, with an average 0.6 point, dropping from last week’s 3.38 percent average. A year ago, 15-year rates averaged 2.61 percent.
•    5-year hybrid adjustable-rate mortgages: averaged 3.05 percent, with an average 0.5 point, holding the same as last week. Last year at this time, 5-year ARMs averaged 2.58 percent.
•    1-year ARMs: averaged 2.43 percent, with an average 0.4, dropping from last week’s 2.45 percent. A year ago, 1-year ARMs averaged 2.53 percent.

Source: Freddie Mac.