30 Year Mortgage Rates at 4.84%

This week U.S. 30-year mortgage rates fell to their lowest level since December, 2009, approaching record lows. Hopefully this will keep the interest of the buying public high as we near Mamorial day and a traditionally slower sales season in NYC.  According to Freddie Mac, shorter-term home loans are also at a new all-time low.

According to Reuters, here is the comparison for the 30 year rate averages:

May 20, 2010: 4.84%

Dec. 10, 2009: 4.81%

This week’s rate is down from 4.93%.

The lowest ever on record is the week ending December 3, 1971, when the rate was 4.71%.

The traditional peg for setting long-term mortgage rates, Treasury 10-year notes, are at their lowest levels since December of 2009. There are several factors lowering the mortgage rate, including a rush to Treasury notes because of the weakening euro and the ripple effect following the end of the Federal Reserve’s mortgage bond purchase program on March 31, and the end of federal homebuyer tax credits on April 30.

15-year fixed mortgages averaged 4.24%, down from 4.30% last week and the lowest since August 1991, when Freddie Mac began tracking them.

Photo Credit: jsdart

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