30-year fixed-rate mortgage:
averaged 4.78 percent with an averaged 4.71 percent with an average 0.7 point for the week ending May 5, 2011, down from last week when it averaged 4.78 percent. Last year at this time, the 30-year FRM averaged 5.00 percent. .
The 15-year fixed-rate mortgage: this week averaged 3.89 percent with an average 0.7 point, down from last week when it averaged 3.97 percent. A year ago at this time, the 15-year FRM averaged 4.36 percent.
Five-year indexed hybrid adjustable-rate mortgages ARMs: averaged 3.47 percent this week, with an average 0.6 point, down from last week when it averaged 3.51 percent. A year ago, the 5-year ARM averaged 3.97 percent .
One-year Treasury-indexed ARMs: averaged 3.14 percent this week with an average 0.5 point, down from last week when it averaged 3.15 percent. At this time last year, the 1-year ARM averaged 4.07 percent.
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac
Weaker economic data reports reduced Treasury bond yields and allowed mortgage rates to drift lower for the third consecutive week. For instance, real economic growth in the first quarter fell short of the market consensus forecast and represented the slowest pace since the second quarter of 2010. In addition, both the manufacturing and service sectors exhibited growth at a slower rate in April.
Data reports on the housing market, on the other hand, were a little more uplifting. The National Association of Realtors reported pending home sales rose in March for the second month in a row to the highest index reading since November 2010. Also, the Federal Reserve reported credit standards among commercial banks for prime mortgages were unchanged on net in the second quarter of the year, following two quarters of tightening