Mortgage Rates Reach New Lows
September 30, 2011
For the third straight week, fixed-rate mortgages inched down, reaching new lows. The 30-year fixed-rate mortgage averaged a record low of 4.01 percent this week while the 15-year fixed-rate set a new record of 3.28 percent, Freddie Mac reports in its weekly mortgage market survey. In Western areas, 30-year rates moved even lower, averaging 3.95 percent, Freddie reports.
"Fixed mortgage rates fell to all-time record lows this week following the Federal Reserve's announcement of its Maturity Extension Program and additional purchases of mortgage-backed securities,” Frank Nothaft, Freddie Mac’s chief economist, said in a statement.
Here’s a closer look at rates for the week ending Sept. 29:
- 30-year fixed-rate mortgages: averaged 4.01 percent, inching down from last week’s previous record of 4.09 percent. A year ago, 30-year rates averaged 4.32 percent.
- 15-year fixed-rate mortgages: averaged 3.28 percent, dropping from last week’s previous record of 3.29 percent. Last year at this time, 15-year rates averaged 3.75 percent.
- 5-year adjustable-rate mortgages: held steady this week at 3.02 percent. Last year at this time, 5-year ARMs averaged 3.52 percent.
- 1-year ARMs: averaged 2.83 percent, up slightly from last week’s 2.82 percent average. A year ago, 1-year ARMs averaged 3.48 percent.
By Melissa Dittmann Tracey, REALTOR® Magazine Daily News
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