In what is becoming a predictably monotonous trend, Freddie Mac reports that average fixed mortgage rates continue to reach new record lows.
The 30-year fixed-rate mortgage (FRM) averaged 3.62% with an average 0.8 point for the week ending July 5, down from last week when it averaged 3.66%. Last year at this time, the 30-year FRM averaged 4.6%. The average 30-year FRM has matched or hit a new record low in 10 of the last 11 weeks.Â Â
The 15-year FRM this week averaged 2.89% with an average 0.7 point, down from last week when it averaged 2.94%. A year ago at this time, the 15-year FRM averaged 3.75%.Â
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.79% this week, with an average 0.6 point, the same as last week. A year ago, it averaged 3.3%.
The one-year Treasury-indexed ARM averaged 2.68% this week with an average 0.5 point, down from last week when it averaged 2.74%. At this time last year, it averaged 3.01%. The current figure represents a new record low for this product.