Mortgage rates hit record lows: Freddie Mac MarketWatch
Other mortgages tracked in the survey broke the record lows they hit last week.
Fifteen-year fixed-rate mortgages averaged 3.36% this week, down from 3.5% last week and 3.9% a year ago.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.08%, down from 3.13% last week and 3.56% a year ago. And 1-year Treasury-indexed ARMs averaged 2.86%, down from 2.89% last week and 3.53% a year ago.
To obtain the rates, the 30-year fixed-rate mortgage required payment of an average 0.7 point, the 15-year fixed-rate mortgage and the 1-year ARM required an average 0.6 point and the 5-year ARM required an average 0.5 point. A point is 1% of the mortgage amount, charged as prepaid interest.
“The Federal Reserve’s policy statement last week and ongoing market concerns over the European debt market carried momentum into this week allowing all mortgage products in our survey to reach all-time record lows,” said Frank Nothaft, vice president and chief economist of Freddie Mac, in a news release.
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