Fixed-rate mortgages (FRMs) have hit a new all-time low, according to data released by Freddie Mac.
The government-sponsored enterprise reports that the 30-year FRM averaged 3.84%, down from its previous all-time record low of 3.87% registered on Feb. 9. Last year at this time, it averaged 4.71%
The 15-year FRM averaged 3.07%, also dropping below its previous all-time record low of 3.11% set April 12. Last year at this time, it averaged 3.89%.
The one-year adjustable-rate mortgage also hit an all-time low, averaging 2.7%. Last week, it averaged 2.74%; last year at this time, it averaged 3.14%.