Industry NewsMortgage

Mortgage rates resume their record-setting ways

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Rates for most mortgages tracked by Freddie Mac hit record lows this week, as investors in mortgage-backed securities who fund home loans were reassured by signs that inflation remains at bay.Rates on 30-year fixed-rate mortgages averaged 4.27 percent with an average 0.8 point for the week ending Oct. 7, down from 4.32 percent last week and 4.87 percent a year ago.That's a low in records dating back to 1971, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey today.Rates for 15-year fixed-rate mortgages also hit a new low this week in records dating to 1991, averaging 3.72 percent with an average 0.7 point, down from 3.75 percent last week and 4.33 percent a year ago.The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.47 percent with an average 0.6 point, down from 3.52 percent last week and 4.35 percent a year ago. That's a new low in records dating to 2005.Rates on 1-year Treasury-indexed ARM averaged 3.4 percent with an a...