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Freddie Mac: 30-year fixed-rate mortgages drop to 4.63 percent

Average rates for 15-year and 30-year mortgages are down.

Average rates for 15-year and 30-year mortgages are down.

According to the weekly Freddie Mac report regarding mortgage rates, both 30-year and 15-year fixed-rate home loans were down during the week ending May 12. 

Average rates on 30-year loans fell to 4.63 percent, declining from 4.71 percent the previous week and 4.93 percent year-over-year. Fifteen-year interest rates were down, settling at 3.82 percent, falling from 3.89 percent the previous week.

"Mortgage rates continued to decline this week following a mixed employment report," Freddie Mac chief economist Frank Nothaft said.

Nothaft also stated that hiring hit an 11-month high in April, despite unemployment rising to 9 percent - its highest reading since January.

Five-year Treasury-indexed hybrid adjustable-rate mortgages settled at 3.41 percent, moving down from 3.47 percent last week and 3.95 percent year-over-year. One-year hybrid ARMs were also down, averaging 3.11 percent, less than last week's 3.14 percent and last year's 4.02 percent during the same week.

During the week, consumers were required to pay an average of 0.7 percent of a point for their fixed-rate mortgages. Five-year ARMs required 0.6 of a point - a point being 1 percent of their overall mortgage value.