“Market concerns over the European debt market drew investors to U.S. Treasury securities, lowering bond yields and mortgage rates,” says Frank Nothaft, chief economist at Freddie Mac.
Let’s take a look at how the rates looked this week:
- 30-year fixed-rate mortgages: averaged 4%, with an average 0.7 point, down from last week’s 4.10% average. The fixed-rate, 30 year mortgage is the second lowest on record, only behind the 3.94 percent record seen on 10/6/11. One year ago at this time, 30-year rates averaged 4.24 percent.
- 15-year fixed-rate mortgages: averaged 3.31 percent, with an average 0.7 point, falling from last week’s 3.38 percent average. Last year at this time, 15-year mortgages averaged 3.63 percent.
- 5-year adjustable-rate mortgages: averaged 2.96% this week, with an average 0.6 point, dropping from last week’s 3.08%. This time last year, 5-year ARMs averaged 3.39 percent.
- 1-year ARMs: averaged 2.88% this week, with an average 0.6 point, dropping from last week’s 2.90% average. This time last year, the 1-year ARM averaged 3.26 percent.