The Freddie Mac survey showed the 30-year FRM averaged 3.79% for the week ending Thursday — the lowest rate ever recorded — inching down from the prior week's record average of 3.83%. Last year at this time, the 30-year FRM averaged 4.61%.
“The European debt crisis overshadowed improving economic indicators for the U.S. and allowed Treasury bond yields and fixed mortgage rates to ease for another week,” said Frank Nothaft, Freddie Mac chief economist.
The 15-year FRM, a popular refinancing choice, averaged 3.04%, slightly falling from last week‘s record that averaged 3.05%. A year ago, the average rate for a 15-year FRM was 3.80%.
Five-year, Treasury-indexed hybrid adjustable-rate mortgages averaged 2.83%, up from 2.81% the prior week and down from 3.48% a year earlier.
And one-year, Treasury-indexed ARMs averaged 2.78%, up from last week’s average of 2.73% and down from 3.15% last year.
Full article at HousingWire.com.
-- Justin T. Hilley
