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.

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 averaged 4.51 percent with an average 0.5 point, unchanged from last week and down from 5.67 percent a year ago.

One-year Treasury-indexed ARMs averaged 4.58 percent, with an average 0.5 point, down from 4.64 percent last week and 5.03 percent a year ago.

Those rates are for borrowers with an 80 percent or lower loan-to-value ratio on loans eligible for purchase by Freddie Mac. Borrowers making smaller downpayments or seeking loans too large or risky for Freddie Mac can expect to pay more.

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Use code JULY4 at checkout & save $50 on your Connect Now Bundle!Get the deal×