Mortgage Rates Hit New Record Lows

April 25, 2013January 17, 2022

Mortgage rates edged down for the fourth week continuing to support the ongoing housing recovery. The average 15-year fixed rate mortgage rate hit a new all-time record low at 2.61 percent for the week, as did the 5-year ARM at 2.58 percent.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages fell to 3.40 from 3.41 percent last week. Last year at this time the 30-year FRM averaged 3.88 percent.

15-Year Fixed Rate Mortgages

Average 15-year fixed rate mortgages fell to 2.58 percent from 2.60 last week. Last year at this time, the 15-year FRM averaged 3.12 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) dipped to 2.58 percent from 2.60 percent last week. A year ago, the 5-year ARM averaged 2.85 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM is down this week to 2.62 percent from 2.63 percent last week. Last year at this time, the 1-year ARM averaged 2.74 percent.

Low mortgage rates continue to assist with the housing market recovery. Contact a licensed mortgage loan professional to take advantage of these record low mortgage rates. Find a loan officer near you.

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:

“The housing market is getting a boost with mortgage rates hovering at or near record lows. For instance, existing home sales averaged an annualized pace of 4.94 million over the first three months of this year, the most since the fourth quarter of 2009. More impressively, new home sales topped 424,000 during the first quarter, which was the strongest since the third quarter of 2008. The sales pickup is helping to support house-price gains. For instance, the Federal Housing Finance Agency reported that February marked the thirteenth consecutive month that it has recorded an annual rise in its U.S. house price index, which rose by 7.1 percent in the twelve months through February, the most since May 2006. Even with these gains, this U.S. index is still 13.6 percent below its peak set in April 2007.”

Original Source: Freddie Mac Interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.

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