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30- 15-year rates set new lows for 2011
WASHINGTON (5/31/11)--Thirty- and fifteen-year fixed-rate mortgages continued to slide during the week ended May 26, setting new yearly low points, with 30-year loans averaging 4.60% and 15-year loans averaging 3.78%. The previous lows for this year were set last week. Freddie Mac Vice President/Chief Economist Frank Nothaft said that reports of slowed economic activity cause the decreased mortgage rates. Nothaft added that U.S. home prices may bottom out soon, as prices only fell by 0.3% between February and March. Five-year and one-year adjustable rate mortgages (ARM) also fell during the week, averaging 3.41% and 3.11%, respectively. Those rates stood at 3.48% and 3.15% last week. Five-year ARMs averaged 3.97% this time last year, while one-year ARMs averaged 3.95%.
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