WASHINGTON, May 6 (UPI) — Average interest rates for long-term mortgage contracts dropped to their lowest level in six weeks, the U.S. Federal Home Loan Mortgage Corp. said Thursday.
For 30-year, fixed-rate mortgages, the rate dropped from 5.06 percent to 5 percent with points holding at 0.7 in the week ending Thursday, Freddie Mac said.
A year ago, rates for 30-year, fixed-interest loans averaged 4.84 percent.
At 4.36 percent with an average 0.7 points, 15-year, fixed-rate loans dropped from the previous week’s average of 4.39 percent. A year ago, 15-year, fixed-rate mortgages averaged 4.51 percent.
“Treasury bond and note yields declined this week, and rates on fixed-rate mortgages and hybrid adjustable-rate mortgages followed suit,”, said Frank Nothaft, Freddie Mac vice president and chief economist.
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