Record low mortgage rates on a roll

Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending August 12, averaged 4.44 percent -- the lowest it’s been since Freddie Mac's weekly Primary Mortgage Market Survey began in 1971.

by Broderick Perkins
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Deadline Newsroom - Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending August 12, averaged 4.44 percent, another low -- the lowest it’s been since Freddie Mac's weekly Primary Mortgage Market Survey began in 1971.

The all-time low for average 30-year rates came with an average 0.7 point and was down from 4.49 percent last week. The rate averaged 5.29 percent a year ago.

The 15-year FRM this week also averaged a record low of 3.92 percent with an average 0.6 point, down from last week when it averaged 3.95 percent. A year ago at this time, the 15-year FRM averaged 4.68 percent, Freddie Mac reported. This week's rate is the lowest its been since 1991, when Freddie Mac started tracking the rate.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) also reached its lowest level since Freddie Mac began tracking it in 2005. It averaged 3.56 percent this week, with an average 0.7 point, down from last week's 3.63 percent average. A year ago, the 5-year ARM averaged 4.75 percent.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 3.53 percent this week with an average 0.7 point, down from last week's 3.55 percent average. Last year at this time, the 1-year ARM averaged 4.72 percent.

"Interest rates for fixed mortgages and 5-year hybrid ARMs again broke record lows this week following reports of a sluggish job market, " said Frank Nothaft, Freddie Mac vice president and chief economist.

He added, "Low rates are helping to heal many battered local housing markets by increasing home-purchase activity. "


Crystal Chow is a DeadlineNews Group associate editor who contributed to this article.



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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

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