Rates lower than last year!

Here is a recent FHLMC press release on interest rates. Those of you considering a move may find this of interest:

MORTGAGE RATES STAY BELOW SIX PERCENT FOR SIXTH CONSECUTIVE WEEK McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market SurveySM (PMMSSM) in which the 30-year fixed-rate mortgage (FRM) averaged 5.77 percent, with an average 0.5 point, for the week ending May 12, 2005, up slightly from last week when it averaged 5.75 percent. Last year at this time, the 30-year FRM averaged 6.34 percent. The average for the 15-year FRM this week is 5.33 percent, with an average 0.6 point, also up slightly from last week when it averaged 5.31 percent. A year ago, the 15-year FRM averaged 5.72 percent. Five-Year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.21 percent this week, with an average 0.6 point, rising from 5.16 percent last week. There is no annual historical information for last year since Freddie Mac only began tracking this mortgage rate at the start of this year. One-year Treasury-indexed adjustable-rate mortgages (ARMs) averaged 4.23 percent this week, with an average 0.6 point, up very slightly from last week when it averaged 4.22 percent. At this time last year, the one-year ARM averaged 3.90 percent.