Industry News

Mortgage rates plunge to near-record lows

Lenders await new boom in refinancings

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Mortgage rates fell significantly this week on the heels of the bleak U.S. employment report released on Friday, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate. In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.41 percent, with an average 0.6 point, for the week ended today, down sharply from last week when it averaged 5.59 percent. The average for the 15-year fixed-rate mortgage this week is 4.69 percent, with an average 0.7 point, down nearly 20 basis points from last week's average of 4.88 percent. One-year Treasury-indexed adjustable-rate mortgages averaged 3.41 percent this week, with an average 0.6 point, down from 3.47 percent last week. This is the lowest the one-year ARM has been since Freddie Mac began tracking those figures in January 1984. "As we had predicted earlier in the month, interest rates for 30-year fixed-rate mortgages edged closer to last year's record-low figures," said Frank Nothaft, Freddie Mac chief e...