Mortgage rates fall for sixth straight week

— from interest.com

by Mike Sante

May 19, 2011

Mortgage rates have declined six straight weeks since peaking in early April according to Interest.com’s new survey of major lenders.

The average cost of all four major types of home loans we track fell to new 2011 lows, and are anywhere from a quarter- to half-point below where they began the year.

This is as low as mortgage rates have ever been during the month of May.

Our May 18 survey found the average interest rate for a:

30-year, fixed-rate mortgage fell to 4.77% from 4.82% the previous week.  Interest rates remain lower than they were this time last year, when a 30-year loan averaged 4.96%.

15-year, fixed-rate mortgage fell to 3.95% from 4.00% the previous week.  A year ago, it was 4.34%.

30-year, fixed-rate jumbo loan (for mortgages exceeding $417,000 to $729,750, depending on the city) fell to 5.22% from 5.26% the previous week.  A year ago, it was 5.75%.

Five-year, adjustable-rate mortgage fell to 3.48% from 3.52% the previous week.  A year ago, it was 4.14%.

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