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Mortgage Rates Back To March Lows
Posted by: RateAPY Bank Rates News
May 7th, 2010
The average rate for a 30-year fixed conforming mortgage was 5.00% with 0.7% points this week, according to the Freddie Mac Primary Mortgage Market Survey (PMMS). That is a .06% improvement from last week, continuing a month-long trend towards better mortgage rates. Last year at this time, the 30-year fixed was 4.84%. The year-over-year trend is still up .16%.
Average Mortgage Rates For May 6, 2010
- 30-Yr FRM - 5.00% with 0.7 points
- 15-Yr FRM - 4.36% with 0.7 points
- 5/1-Yr ARM - 3.97% with 0.7 points
- 1-Yr ARM - 4.07% with 0.6 points and 2.75% margin
Mortgage rates improved mainly because fixed income investments were in demand due to fears over sovereign debt. Protesters in Greece set fire to a bank near Athens killing three people. Public violence over spending cuts and higher taxes, because of sovereign debt, caused traders to flee to safe investments.
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- Posted in Debt | Government | Mortgage Rates
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