30-Year Fixed Mortgage Rate Falls Below 4 Percent
October 6, 2011
The average rate for the conventional 30-year fixed mortgage dropped below 4 percent for the first time in history amid increasing global economic concerns, Freddie Mac reported, while the 15-year fixed also fell to the lowest level on record for the sixth consecutive week.
According to the Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 3.94 percent with an average 0.8 point for the week ending Oct. 6, down from last week when it averaged 4.01 percent. Last year at this time, the 30-year FRM averaged 4.27 percent.
Meanwhile, the 15-year FRM averaged 3.26 percent with an average 0.8 point, down from last week when it averaged 3.28 percent. A year ago at this time, the 15-year FRM averaged 3.72 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent, with an average 0.6 point, down from last week when it also averaged 3.02 percent. A year ago, the 5-year ARM averaged 3.47 percent.
The 1-year Treasury-indexed ARM averaged 2.95 percent this week with an average 0.5 point, up from last week when it averaged 2.83 percent. At this time last year, the 1-year ARM averaged 3.40 percent.