Interest rates for 30 year fixed rate mortgages are tied for the lowest rates ever, boosting home affordability. At the same time, adjustable rate mortgage interest rates hit record lows last week. See the following article from HousingWire for more on this.
Average interest rates for 30-year fixed rate mortgages (FRMs) are at all-time lows in two weekly surveys.
Freddie Mac’s (FRE: 1.12 -0.88%) weekly survey put the 30-year FRM at 4.78% with a 0.7 point, down from last week when it was 4.83% and one year ago when it was 5.97%. This week’s rate ties the record for lowest ever in the weekly survey’s history, which was previously reached twice in April this year.
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Bankrate.com’s survey put the 30-year FRM at 5%, a new low for the company’s survey of large US banks and thrifts, and is down 6bps from last week, which was the previous all-time low.
Freddie put the 15-year FRM at 4.29% with an average 0.6 point, a new low for the survey. Last week’s 4.32% was the previous all-time low. Bankrate.com put the 15-year FRM at 4.47%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.18% with an average 0.6 point in Freddie’s survey, down from last week’s 4.25%. Bankrate.com put the five-year ARM at 4.54%, down 4bps from last week. Both rates are record lows for in the respective surveys.
The one-year Treasury-indexed ARM averaged 4.35% this week with an average 0.7 point, unchanged from last week, Freddie Mac said.
“Interest rates for 30-year fixed-rate loans are currently 0.8 percentage points below this year’s peak set in mid-June, which shaves roughly $100 off the monthly payments on a $200,000 mortgage,” said Frank Nothaft, Freddie Mac vice president and chief economist.
This article has been republished from HousingWire. You can also view this article at HousingWire, a mortgage and real estate news site.