Mortgage Interest Rates Fall For Two Consecutive Weeks

On May 12th the 30-year fixed rate mortgage interest rate hit 5.3%, the highest rates since June 2009, according to Freddie Mac’s Primary Mortgage Market Survey®.  As the chart below illustrates, mortgage interest rate have declined the last two consecutive weeks falling to 5.10% yesterday, the lowest rate since April 28th.

There are more affordable options…

The chart I selected to show below also shows the mortgage interest rates for 15-year mortgages as well as something almost no one has had a reason to talk about for several years, adjustable rate mortgages (ARM’s).  With mortgage interest rates as low as they were, ARM’s were rarely considered by a purchaser however, today they provide a more affordable option than a 30-year fixed mortgage.  For example, the 5/1 arm shown on the chart below had a rate of 4.2% yesterday.

Mortgage Interest Rates – 30 and 15-Year  Conventional Loans and 5/1 ARM Loan

(click on chart for live, interactive chart)

Mortgage Interest Rates - 30 and 15-Year  Conventional Loans and 5/1 ARM Loan

 

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