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Fixed rate mortgages were little changed this week after falling and breaking record lows, according to Freddie Mac's ""Primary Mortgage Market Survey"":http://www.freddiemac.com/pmms/.
[IMAGE]The 30-year fixed-rate mortgage averaged 3.78 percent (0.8 point) for the week ending May 24, down slightly from last week when it averaged 3.79 percent. Last year at this time, the 30-year FRM averaged 4.60 percent.
The 15-year rate was unchanged from last week's average at 3.04 percent (0.7 point). During this time a year ago, the 15-year fixed-rate averaged 3.78 percent.
[COLUMN_BREAK]The 5-year ARM also held steady, meeting last week's average at 2.83 percent (0.6 point). The 5-year ARM's year ago average was 3.41 percent.
The 1-year ARM ticked down to 2.75 percent (0.4 point) from last week's 2.78 percent. Last year at this time, it averaged 3.11 percent.
Highlighting recent positive news, Frank Nothaft, VP and chief economist for Freddie Mac, gave mention to a string of reports, including the National Association of Realtor's April existing home sales report, which rose to the highest rate since January with an annualized rate of 4.62 million homes. Additionally, Nothaft noted the sales of new homes, which rose last month and beat the market consensus forecast, and the FHFA home price index, which reported the first 4-quarter increase since the first quarter of 2007.
""Bankrate.com"":http://www.bankrate.com/ reported little movement as well in its weekly survey, which included data provided by the top 10 banks and thrifts in the top 10 markets.
According to Bankrate's survey, the 30-year fixed remained unchanged from last week at 3.97, while the 15-year fixed was down slightly at 3.19 percent compared to last weeks' average of 3.20 percent. The 5-year ARM moved up to 3.02 percent from 3 percent last week.
