15-Year Mortgage Rates Sink to New Lows
Daily Real Estate News |
Friday, April 26, 2013
The 15-year fixed-rate mortgage
reached a new all-time record low this week, averaging 2.61 percent,
Freddie Mac reports in its weekly mortgage market survey. The 5-year
adjustable-rate mortgage also reached a new record low this week of 2.58
percent. This marked the fourth-consecutive week mortgage rates inched lower. "The housing market is getting a boost with mortgage rates hovering
at or near record lows,” says Frank Nothaft, Freddie Mac’s chief
economist.
Freddie Mac reports the following national averages for mortgage rates for the week ending April 25:
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30-year fixed-rate mortgages: averaged 3.40 percent,
with an average 0.8 point, dropping from last week’s 3.41 percent
average. A year ago at this time, 30-year rates averaged 3.88 percent.
-
15-year fixed-rate mortgages: averaged the new low of
2.61 percent, with an average 0.7 point. The previous record low for
15-year rates was set the week of Nov. 21, 2012, when 15-year rates
averaged 2.63 percent. A year ago at this time, 15-year rates averaged
3.12 percent.
-
5-year adjustable-rate mortgages: also averaged a new
all-time record low of 2.58 percent this week, with an average 0.5
point, dropping from last week’s 2.60 percent average. Last year at this
time, 5-year ARMs averaged 2.85 percent.
-
1-year ARMs: averaged 2.62 percent, with an average
0.3 point, dropping from last week’s 2.63 percent average. A year ago at
this time, 1-year rates averaged 2.74 percent.
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