Mortgage Rates Continue to Fall

Fixed-rate mortgages sank down near their record lows last week , according to Freddie Mac’s weekly mortgage market survey. The low mortgage rates are helping to keep homebuyer affordability high and unlock savings for home owners. 

• 30-year fixed-rate mortgages: averaged 3.32 percent, with an average 0.7 point, dropping from last week’s 3.34 percent average. The record low for the 30-year fixed-rate mortgage was set last month, averaging 3.31 percent. A year ago, 30-year rates averaged 3.94 percent. 
• 15-year fixed-rate mortgages: averaged 2.66 percent, with an average 0.6 point, dropping from last week’s 2.67 percent average. The all-time low for 15-year rates was also set last month, averaging 2.63 percent. Last year at this time, 15-year rates averaged 3.21 percent. 
• 5-year adjustable-rate mortgages: averaged 2.70 percent, with an average 0.6 point, rising from last week’s 2.69 percent average. Last year at this time, 5-year ARMs averaged 2.86 percent. 
• 1-year ARMs: averaged 2.53 percent, with an average 0.5 point, dropping from last week’s 2.55 percent average. A year ago, 1-year ARMs averaged 2.81 percent. 

Mortgage Rates Continue to Fall