30-Year Fixed Mortgage Rate Down to 4.84% – Lowest in 2010

Home sales and mortgage ratesLower yields on Treasuries and no worries over inflation helped push down the 30-year mortgage rate to 4.84 percent this week, down from 4.93 percent last week and the lowest level so far this year, according to Freddie Mac.
A year ago, the 30-year fixed mortgage averaged very close to the same rate – 4.82 percent.
The European debt crisis has drawn more investors into safe-haven U.S. government securities, bringing down the yield on Treasury bonds.
That has helped keep long-term rates below 5 percent, and sparked a surge in refinancing applications in recent days.
However, the expiration of homebuyer tax credits on April 30 has virtually dried up mortgage applications for the purchase of a home. A key survey of mortgage applications plummeted 27 percent last week to a level not seen since 1997.
Freddie Mac said the 15-year fixed-rate mortgage this week averaged 4.24 percent, also down from last week when it averaged 4.30 percent. A year, it averaged 4.50 percent.
The 1-year Treasury-indexed ARM (adjustable rate mortgage) averaged 4.00 percent this week, down from last week when it averaged 4.02 percent. At this time last year, the 1-year ARM averaged 4.82 percent.
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