Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Rates remained near record lows in the past week, as negative economic data continued to dominate the headlines. For the week ending May 7, Freddie Mac announced that 30-year fixed rates moved up to 3.26% from 3.23% the week before. The average for 15-year loans decreased to 2.73% and the average for five-year ARMs rose to 3.17%. A year ago, 30-year fixed rates averaged 4.10%, more than 0.75% higher than today. Attributed to Sam Khater, Chief Economist, Freddie Mac – “Rates on home loans stayed at or near record lows for the fifth straight week and homeowners are taking advantage with refinance activity remaining high. Although purchase demand declined thirty-five percent year-over-year in mid-April, demand has improved modestly over the last three weeks.”
Abba First Mortgage continues to offer some of the lowest rates without points as noted on the RATES page on this website. Please call toll free at 866-676-3349 to take advantage of some of our unadvertised specials which we offer on a daily basis.