Mortgage Rates Hit New Record Lows
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:
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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