Industry NewsMortgage

Mortgage rates fall again

15-year fixed-rate at record low

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Long-term mortgage rates fell for the third week in a row, with 15-year fixed-rate loans hitting a new record low and the 30-year fixed-rate hovering at just above 5 percent, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.The 30-year fixed-rate mortgage (FRM) averaged 5.04 percent -- with an average 0.7 point -- for the week ending Sept. 17, Freddie Mac said, down from 5.07 percent last week and 5.78 percent a year ago.Rates for 30-year fixed-rate loans hit a record low of 4.78 percent in April, in part due to the Federal Reserve's commitment to purchase up to $1.25 trillion in mortgage-backed securities issued by Fannie Mae, Freddie Mac and Ginnie Mae.The 15-year FRM this week averaged 4.47 percent with an average 0.6 point, down from 4.5 percent last week and 5.35 percent a year ago. It's the lowest the 15-year FRM has been since Freddie Mac started tracking it in 1991.Five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans avera...