Mortgage rates at three-year low

With the Federal Reserve Rate decision and April Employment Report now in the rear view mirror, there isn’t much to talk about this week in terms of market moving headlines.  What is interesting are mortgage rates.

According to Freddie Mac’s Primary Mortgage Market Survey, rates have fallen to their lowest level in three years.  Furthermore, mortgage delinquency rates on 1-4 residential properties during the first quarter of this year fell to its lowest level since 2006.

Disappointing economic data and turmoil overseas continue to push mortgage rates lower.  According to the Freddie Mac Survey, the average rate on a 30-year fixed-rate mortgage was just 3.57% last week, down a few basis points from the previous week.  Also, the 15-year loan declined to 2.78% for the week.  Rates on adjustable-rate mortgages fell slightly, as the decline in rates was more evident for longer term maturities.

In addition to declines in interest rates, the delinquency rate improved to the best level in nearly a decade.  According to the Mortgage Bankers Association’s recent report on mortgage delinquencies, the percent of mortgage loans with one or more payments past due fell to just 4.77, excluding foreclosures.

According to the same survey, the percent of mortgage loans in foreclosure is at 1.74%, down .48% since the same time last year.  Additionally, the percentage of loans on which foreclosure actions were started were at just .35%, the lowest level since 2000.

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