Both the average 30-year and 15-year fixed-rate mortgage (FRM) hit new lows, according to data from Freddie Mac.
The 30-year FRM averaged 3.56% with an average 0.7 point for the week ending July 12, down from last week when it averaged 3.62%. The product, which has been below 4% for 16 weeks, averaged 4.51% last year at this time.
The 15-year FRM this week averaged 2.86% with an average 0.7 point, down from last week when it averaged 2.89%. The product, which has been below 3% for seven weeks, averaged 3.65% at this time last year.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74% this week with an average 0.6 point, down from last week when it averaged 2.79%. A year ago, it averaged 3.29%.
The one-year Treasury-indexed ARM averaged 2.69% this week with an average 0.4 point, up from last week when it averaged 2.68%. At this time last year, it averaged 2.95%.