Mortgage Rates Remain at or Near Historic Lows
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) last week, showing mortgage rates declining amid continued weak economic and housing data. While the 30-year fixed held steady, the 5-year ARM set a new all-time record low having fallen for the eighth consecutive week and now standing at 2.96 percent.
- 30-year fixed-rate mortgage (FRM) averaged 4.22 percent with an average 0.7 point for the week ending September 1, 2011, matching last week when it also averaged 4.22 percent. Last year at this time, the 30-year FRM averaged 4.32 percent.
- 15-year FRM this week averaged 3.39 percent with an average 0.6 point, down from last week when it averaged 3.44 percent. A year ago at this time, the 15-year FRM averaged 3.83 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week, with an average 0.6 point, down from last week when it averaged 3.07 percent. A year ago, the 5-year ARM averaged 3.54 percent.
- 1-year Treasury-indexed ARM averaged 2.89 percent this week with an average 0.6 point, down from last week when it averaged 2.93 percent. At this time last year, the 1-year ARM averaged 3.50 percent.
Source: “Mortgage Rates Remain at or Near Historic Lows,” Freddie Mac