With 30-year, fixed-rate mortgages dropping to 2.78 percent, it’s the 12th time this year that rates have hit a new low, according to data released Thursday by Freddie Mac.

Mortgage rates climbed to a new record low this week amid electoral uncertainty, with the average rate for a 30-year, fixed-rate mortgage plummeting to 2.78 percent. It’s the 12th time this year a new record low has been set.

Sam Khater | Photo credit: Freddie Mac

“Mortgage rates hit another record low, the twelfth time this year, due to economic and political ambiguity,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “Despite the uncertainty that we’ve all experienced this year, the housing market, buoyed by low rates, continues to be a bright spot.”

Last week, the 30-year, fixed-rate mortgage hit 2.81 percent. At this time last year, the average rate on a 30-year, fixed-rate mortgage was reported at 3.69 percent.

The 15-year fixed-rate mortgage averaged 2.32 last week, down from 3.13 percent at this time last year. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.89 percent down from 3.39 percent last year.

As mortgage rates continue to stay near record lows, new mortgage purchases continue to boom. The market composite index published Wednesday by the Mortgage Banker’s Association, found that refinance volume was up 88 percent year-over-year this week, while purchase volume was up 25 percent year over year.

Email Patrick Kearns

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
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Last call: ticket prices for ICNY go up at midnight. Thousands of real estate pros will be there. You won't want to miss it!Register now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription