Mortgage Rates Hover Around Record Lows
Mortgage rates this week are averaging at or near historic lows, Freddie Mac reports in its weekly mortgage market survey.
“Weaker economic data reports eased upward pressure on mortgage rates this week and kept them at or near all-time record lows,” says Frank Nothaft, Freddie Mac’s chief economist.
Here’s a closer look at rates for the week:
•30-year fixed-rate mortgages: averaged 4.22 percent this week, holding steady at last week’s average. Last year at this time, 30-year rates averaged 4.32 percent. Late last month, 30-year rates had reached a new record of 4.15 percent.
•15-year fixed-rate mortgages: averaged 3.39 percent this week, dropping from last week’s 3.44 percent average. Last year at this time, 15-year rates averaged 3.83 percent.
•5-year adjustable-rate mortgages: set an all-time record of 2.96 percent this week. This is the eighth consecutive week that the 5-year ARM has fallen and it is down from last week’s 3.07 percent average. A year ago, the 5-year ARM averaged 3.54 percent.
•1-year ARMs: averaged 2.89 percent, dropping from last week’s 2.93 percent average. A year ago at this time, the 1-year ARM averaged 3.50 percent.
Source: “Mortgage Rates Remain at or Near Historic Lows,” Freddie Mac (Sept. 1, 2011)