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Freddie Mac: Mortgage rates continue downward movement

Mortgage rates are down again, reaching new lows for 2011.

Mortgage rates are down again, reaching new lows for 2011.

Freddie Mac's most recent Primary Mortgage Market Survey revealed continued declines for both adjustable and fixed-rate mortgages.

Thirty-year fixed-rate mortgages settled at an interest rate of 4.49 percent for the week ending June 9. This average was down week-over-week from 4.55 percent and 4.72 percent year-over-year. Fifteen-year FRMs were also down, averaging a 3.68 percent interest rate, down from 3.74 percent last week and 4.17 percent during the same period in 2010.

Both the five-year and one-year Treasury-indexed hybrid adjustable-rate mortgage averages were down week-over-week and year-over-year. Five-year ARMs settled at 3.28 percent during the previous week, down from 3.41 percent last week and 3.92 percent last year. One-year ARMs averaged 2.95 percent, down from 3.13 percent week-over-week and 3.91 percent year-over-year.

"Long-term Treasury yields moved lower following a weak jobs report and mortgage rates followed suit," said Frank Nothaft, Freddie Mac's vice president and chief economist. "The economy added 54,000 jobs in May, the fewest in eight months, and factories cut payrolls for the first time in seven months. As a result, the unemployment rate rose to 9.1 percent, representing the highest rate since December."

Each of the averages reached new lows for 2011, while the 15-year average was the lowest since November 2010.