Yes, you may have heard this story already: fixed-rate mortgages have hit another record low, according to data released by Freddie Mac.
The 30-year fixed-rate mortgage (FRM) averaged 3.4% with an average 0.6 point for the week ending Sept. 27, down from last week when it averaged 3.49%. Last year at this time, the 30-year FRM averaged 4.01%.Â
The 15-year FRM this week averaged 2.73% with an average 0.6 point, down from last week when it averaged 2.77%. A year ago at this time, the 15-year FRM averaged 3.28%.Â
The one-year Treasury-indexed adjustable-rate mortgage (ARM) averaged 2.6% this week with an average 0.4 point, down from last week when it averaged 2.61% last week. At this time last year, the product averaged 2.83%. Â
The only mortgage product not to hit a new record low this week is the five-year Treasury-indexed hybrid ARM, which averaged 2.71% this week with an average 0.6 point, down from last week when it averaged 2.76%. A year ago, the product averaged 3.02%.
‘Fixed mortgage rates continued to decline this week, largely due to the Federal Reserve's purchases of mortgage securities, and should support an already improving housing market," says Frank Nothaft, vice president and chief economist at Freddie Mac.