Industry News

Mortgage rates dip again

30-year fixed averages 5.38% in latest Freddie Mac survey; 1-year ARM hits record low

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Mortgage rates continued to fall this week, inching closer to the historic lows recorded last June, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate. In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.38 percent for the week ended today, down from last week when it averaged 5.41 percent. The average for the 15-year fixed-rate mortgage this week is 4.69 percent, unchanged from last week's average. Points on both the 30- and 15-year averaged 0.7. One-year Treasury-indexed adjustable-rate mortgages averaged 3.39 percent this week, with an average 0.6 point, down from 3.41 percent last week. This is the lowest the one-year ARM has been since Freddie Mac began tracking those figures in January 1984. "Mortgage rates this week are barely above the generational low levels we saw in June of last year," said Frank Nothaft, Freddie Mac chief economist. "Indeed, Freddie Mac's annual average forecast of long-term mortgage rates is approximately ...