US mortgage interest rates continued declining for fifth week in a row according to the latest weekly Freddie Mac Primary Mortgage Market Survey (PMMS).
According to the survey, the average rate for 30-year fixed-rate mortgages (FRMs) for the week ending on December 3, 2009, declined to 4.71% from 4.78% in the previous week. This was the lowest 30-year mortgage rate that was recorded year-to-date by the PMMS. This was also the fifth weekly decline in a row since the week that ended in October 29, when the 30-year mortgage rate averaged 5.03%.
Similarly, the average rate for 15-year FRMs, for the week ending on December 3, 2009, declined by two basis points to 4.27%. This was again the fifth weekly decline in a row since the week that ended in October 29, when the 15-year mortgage rate averaged 4.46%.
US mortgage interest rates for adjustable-rate loans (ARMs) registered mixed trends. In particular, the 1-year Treasury-indexed ARM decreased to 4.25% from 4.35% in the previous week, while the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) increased to 4.19% from 4.18% in the previous week.
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