15 Year Fixed Rate Mortgages
October 7, 2011 by staff
15 Year Fixed Rate Mortgages, The average 30-year conventional fixed-rate mortgage fell below 4% for the first time in history, while the 15-year fixed-rate mortgage fell to its lowest level for the sixth consecutive week of According to Freddie Mac Home Mortgage Market Survey.
The 30-year fixed-rate mortgage averaged 3.94%, averaging 0.8 points for the week ending October 6, down from last week when it averaged 4.01%. Last year at this time, the product of an average of 4.27%.
The 15-year fixed-rate mortgage averaged 3.26%, with an average of 0.8 points – down from last week when it averaged 3.28%. A year ago at this time, the product of an average of 3.72%.
Adjustable Rate Mortgages (ARM) showed mixed results. The five-year Treasury-indexed hybrid ARM averaged 2.96% this week, averaging 0.6 points – down from last week when it averaged 3.02%. A year ago, the product of an average of 3.47%. However, the one-year Treasury-indexed ARM averaged 2.95% this week, with an average of 0.5 points above last week’s average of 2.83%. At this time last year, the product of an average of 3.4%.
Frank Nothaft, vice president and chief economist at Freddie Mac, attributed the declining rates to a combination of concerns about a global recession and declining new new cases in the pending home sales and personal income.
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