Industry News

Mortgage rates lowest since 2004

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Thirty- and 15-year fixed mortgage rates this week fell to their lowest levels since the spring of 2004, Freddie Mac reported today. The average rate on 30-year fixed mortgages tumbled 21 basis points in the last week, falling from 5.69 percent to 5.48 percent, and the average 15-year fixed mortgage dropped 26 basis points, from 5.21 percent to 4.95 percent. The last time the 30-year fixed was this low was March 25, 2004, at 5.4 percent; the 15-year fixed hasn't been this low since April 1, 2004, when it averaged 4.84 percent. Points, or fees that lenders charge for loan processing expressed as a percent of the loan, averaged 0.4 on the 30- and 15-year loans. According to Freddie Mac, adjustable-rate mortgages (ARMs) fell sharply this week to lows not seen since 2005. The five-year Treasury-indexed hybrid ARM sank from an average 5.4 percent to 5.13 percent, and the average one-year ARM dropped from 5.26 percent to 4.99 percent. Points on these loans averaged 0.4 and 0.6, respecti...