Another Week, More Record Lows for Mortgage Rates
July 26, 2012
Fixed mortgages rates continued their streak of record-breaking lows, according to the latest Freddie Mac Primary Mortgage Market Survey.
The 30-year fixed rate mortgage (FRM) averaged 3.49 percent, more than a full percentage point lower than a year ago when it averaged 4.55 percent. Meanwhile, the 15-year fixed-rate mortgage, a popular choice for those looking to refinance, also set another record low at 2.80 percent.
The 30-year FRM, which averaged 3.53 percent last week, also had an average 0.7 point for the week ending July 26. Meanwhile, the 15-year FRM this week also had an average 0.7 point. Last week, the 15-year FRM averaged 3.66 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74 percent this week with an average 0.6 point, up from last week when it averaged 2.69 percent. A year ago, the 5-year ARM averaged 3.25 percent.
The 1-year Treasury-indexed ARM averaged 2.71 percent this week with an average 0.5 point, up from last week when it averaged 2.69 percent. At this time last year, the 1-year ARM averaged 2.95 percent.