Jun
24

Mortgage Rates Hit New Record Lows

June 24, 2010

Need to refinance? Whether you do or not, you might want to after reading this story.

Freddie Mac released its weekly Primary Mortgage Market Survey today, and it is filled with record lows.

Let’s start with the 30-year fixed-rate mortgage (FRM), which averaged 4.69 percent this week. That’s the lowest rate the mortgage lender has seen since it began tracking averages on 30-year fixed loans in 1971.

A year ago at this time, the 30-year FRM averaged 5.42 percent.

The 15-year FRM averaged 4.13 percent this week, the lowest since Freddie Mac started tracking 15-year mortgages in 1991. The 15-year FRM was at 4.87 percent this time last year.

And finally, Freddie Mac started collecting rates on 5-year Treasury-indexed hybrid adjustable-rate mortgages (ARM) in 2005 and reported a record low this week of 3.84 percent.

At this time last year, the average on a 5-year ARM was 4.99 percent.

The final stat involved the 1-year Treasury-indexed ARM, which averaged 3.77 percent this week. While that is considerably lower than it was at this time last year — 4.93 percent — it’s not a record low, though it’s the lowest it’s been since averaging 3.76 percent during the week ending May 6, 2004.

Time to lock in those rates, homeowners!

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Tracey

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