RateAPY

Mortgage Rates: Average 30-year Fixed at 4.79%

Posted by: RateAPY Bank Rates News
June 4th, 2010

Although 30-year fixed mortgage rates ticked up a tiny bit this week, the 15-year and 5/1 ARM continued down, according to the Freddie Mac Primary Mortgage Market Survey (PMMS)

Average Conforming Mortgage Rates For June 3, 2010

• 30-yr FRM - 4.79% with 0.8 points
• 15-yr FRM - 4.20% with 0.7 points
• 5/1-yr ARM - 3.94% with 0.7 points and 2.74% margin
• 1-yr ARM - 3.95% with 0.7 points and 2.75% margin

Year-over-year, the 30-year product shows a sharp downward trend. A year ago at this time the 30-year product averaged 5.29%, or half a percent higher than it averaged this week.

Low Mortgage Rates Are Great Refinancing Opportunity

As mortgage rates continue to move lower, more home owners will benefit from refinancing. Refinancing home loans to reduce monthly mortgage payments is one of the best ways to stimulate the economy.