Mortgage Rates Reach NEW Record Lows

According to Freddie Mac's Primary Mortgage Market Survey, mortgage rates have dropped even more! They are now at NEW all-time record lows. This includes all rates except for the 1-year ARM which didn't reach a new low.

30-year fixed-rate mortgages (FRM) are averaging at 3.87 percent. This time last year it was at 4.81 percent. The 15-year FRM averaged 3.14 percent which is down from 4.08 percent last year. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 this week and was at 3.69 last year.

These new record lows make it a great time to get a mortgage. However, economic growth has fallen short of market projections which is why these rates have eased. Although, both residential construction spending and fixed residential investment have increased.

Posted in: ARM,freddie mac,FRM,interest rates,mortgages,primary mortgage market survey,quest loans,record low