Mortgage Rates Remain at or Near Historic Lows
September 1, 2011
Mortgage rates declined amid continued weak economic and housing data, Freddie Mac reported.
According to the latest Primary Mortgage Market Survey, the 30-year fixed held steady, while the 5-year ARM set a new all-time record low having fallen for the eighth consecutive week.
The 30-year fixed-rate mortgage (FRM) averaged 4.22 percent with an average 0.7 point for the week ending Sept. 1, matching last week when it also averaged 4.22 percent. Last year at this time, the 30-year FRM averaged 4.32 percent.
Meanwhile, the 15-year FRM this week averaged 3.39 percent with an average 0.6 point, down from last week when it averaged 3.44 percent. A year ago at this time, the 15-year FRM averaged 3.83 percent.
Reaching a new low, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week, with an average 0.6 point, down from last week when it averaged 3.07 percent. A year ago, the 5-year ARM averaged 3.54 percent.
The 1-year Treasury-indexed ARM averaged 2.89 percent this week with an average 0.6 point, down from last week when it averaged 2.93 percent. At this time last year, the 1-year ARM averaged 3.50 percent.