30-Year Mortgage Rate at 3.35%, Closer to Record Low

30-Year Mortgage Rate at 3.35%, Closer to Record Low Fixed mortgage rates moved lower this week for the fifth consecutive week, partially a response to a weaker than expected estimate on first-quarter economic growth.
The 30-year fixed-rate mortgage is now at 3.35 percent, hovering just above its all-time record low of 3.31 percent set the week of November 21, 2012.
The 15-year fixed-rate mortgage set a new all-time record low this week at 2.56 percent, eclipsing the record set last week.
The estimated real GDP growth for the first quarter of 2013 came in at 2.5 percent, falling short of the market consensus of 3 percent.
“The latest GDP report confirmed that the housing sector has become an important contributor to the economic recovery,” Frank Nothaft, vice president and chief economist, Freddie Mac. “Residential fixed investment added to overall economic growth over the past eight consecutive quarters and contributed more than 0.3 percentage points in growth over the first three months of this year.
Record low or near-record mortgage rates should further drive the housing market recovery over the near term, Nothaft said.
Here’s the rundown on mortgage rates from Freddie Mac:
30-year fixed-rate mortgage averaged 3.35 percent, with an average 0.7 point, for the week ending May 2, 2013, down from last week when it averaged 3.40 percent. Last year at this time, the 30-year FRM averaged 3.84 percent.
15-year fixed rate averaged 2.56 percent, with an average 0.7 point, down from last week when it averaged 2.61 percent. A year ago at this time, the 15-year FRM averaged 3.07 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.56 percent this week, with an average 0.5 point, down from last week when it averaged 2.58 percent. A year ago, the 5-year ARM averaged 2.85 percent.
1-year Treasury-indexed ARM averaged 2.56 percent this week, with an average 0.3 point, down from last week when it averaged 2.62 percent. At this time last year, the 1-year ARM averaged 2.70 percent.

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