Friday, September 23, 2011

Mortgage Rates Remain at Record Lows

The 15-year fixed-rate mortgage reached a new record low of 3.29 percent this week, as 30-year mortgage rates remained at the record low it reached last week, Freddie Mac reports in its weekly mortgage market survey. Here’s a closer look at mortgage rates for the week: 30-year fixed-rate mortgages: averaged 4.09 percent, matching last week’s record-hitting average. Last year at this time, 30-year rates averaged 4.37 percent. 15-year fixed-rate mortgages: averaged 3.29 percent, marking a new all-time record. Last week, 15-year rates averaged 3.30 percent, and a year ago at this time, it averaged 3.82 percent. 5-year adjustable-rate mortgages: averaged 3.02 percent this week, up from last week’s 2.99 percent average. Last year at this time, the 5-year ARM averaged 3.54 percent. 1-year ARMs: averaged 2.82 percent, up slightly from last week’s 2.81 percent. A year ago, the 1-year ARM averaged 3.46 percent. "A sluggish economy and investor concerns over the European debt markets left mortgage rates largely unchanged this week,” says Frank Nothaft, Freddie Mac’s chief economist. Housing data remained mixed this week with new-home construction dropping 5 percent in August, while existing-home sales rose 5 percent in August. By Melissa Dittmann Tracey, REALTOR® Magazine Daily News

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