Buyers Better Hurry: Rates Reach New Lows

Buyers Better Hurry: Rates Reach New Lows For the sixth straight week, fixed mortgage rates inched down, reaching new lows for 2011. The 30-year fixed-rate mortgage averaged 4.60 percent this week while the 15-year mortgage averaged 3.78 percent, Freddie Mac reports in its weekly mortgage market survey. Last year at this time, 30-year rates averaged 4.84 percent.  Last year at this time, the 15-year fixed-rate mortgage averaged 4.21 percent. Meanwhile, the National Association of Home Builders reported this week that home affordability reached its highest level in 20 years, making the purchasing power for home buyers even better during this traditionally prime buying season. Source: “Fixed Mortgage Rates Continue to Find New Lows,” Freddie Mac (May 26, 2011)

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