Mortgage rates continue to sink to new depths, seemingly shattering previous lows every week. In the week ending today, the 30-year and 15-year fixed-rate mortgages were at all-time lows, according to the Primary Mortgage Market Survey released today by Freddie Mac.

The 30-year fixed rate is 4.12 percent, down from 4.22 percent last week and 4.35 percent during the same period a year ago. The 15-year rate declined to 3.33 percent, down from 3.39 percent last week and 3.83 percent during the same week of 2010.

Five-year adjustable-rate mortgages matched the all-time low set last week of 2.96 percent, down from 3.56 percent last year. The one-year adjustable rate was down to 2.84 percent, also an all-time low. [more]

National mortgage rates are dropping sharply amid falling bond yields and signs of a weaker than expected economy, a report released today by Freddie Mac shows, with the average rate on a 15-year fixed mortgage falling to its lowest level in decades.

“Treasury bond yields fell markedly after signs the economy was weaker than what markets had previously thought allowing fixed mortgage rates to follow this week with the 15-year fixed and five-year [adjustable-rate mortgage] setting new historical lows,” said Frank Nothaft, president and chief economist at Freddie Mac.

The 15-year fixed-rate mortgage averaged 3.54 percent for the week ending Aug. 4, with an average of 0.7 point, down from last week’s 3.66 percent. – Katherine Clarke [more]

The average interest rate for the five-year adjustable-rate mortgage dropped to a new record low over the past seven days, while fixed-rate mortgages remained flat on a week-over-week basis, according to the latest data from government-backed mortgage giant Freddie Mac. The five-year Treasury-indexed ARM hit 3.22 percent this week, down from 3.25 percent last week and 3.79 percent during the same week one year ago. The previous record low was 3.25 percent in November 2010. Meanwhile, the 30-year fixed-rate mortgage saw an average interest rate of 4.51 percent, up only slightly from last week, when it averaged 4.5 percent, but down from last year’s 4.58 percent. – Sarabeth Sanders [more]

Could I refinance you into a seven-year fixed-rate mortgage at 2.99 percent? Or how about 10 or 15 years fixed in the mid-3s?

These may sound suspiciously like teaser quotes with tricks in the fine print, but they are in fact signs of an important shift under way among American homeowners: Not only have they been refinancing at a robust pace in recent weeks, but they’re ratcheting down on the remaining number of years they plan to pay on their mortgages.

Freddie Mac chief economist Frank Nothaft calls the shift to shorter terms “a very strong trend.” In his company’s latest quarterly survey of refinancers, more than one out of three borrowers who ditched their 30-year fixed-rate loans opted to replace them with 15- or 20-year mortgages at near-record low rates. [more]

Mortgage interest rates fell across the board this past week and remained below year-ago levels, according to data from U.S.-backed mortgage giant Freddie Mac for the seven days that ended today. The 30-year fixed-rate mortgage averaged 4.80 percent with 0.7 points during the week, down from 4.91 percent in the week prior and 5.07 percent in the same week last year. Meanwhile, the 15-year fixed-rate mortgage saw its interest rate fall to 4.13 percent with 0.7 points, down from 4.13 percent a week ago and 4.39 percent in 2010. TRD [more]

Mortgage rates rose this week thanks in part to growing concern about inflation, Freddie Mac said in a new report today. The report, which covers the past seven days, pegs the popular 30-year fixed-rate mortgage at 4.81 percent, up from 4.76 percent one week ago but below its 4.99 percent level during the same week last year. The 15-year fixed-rate mortgage, meanwhile, averaged 4.04 percent, up from 3.97 percent last week but also below its year-ago level, which was 4.34 percent. Interest rates for both the five-year and one-year Treasury-indexed adjustable-rate mortgages also rose on a week-over-week basis. ”The rate uptick was related to higher than anticipated inflation data for February and ongoing geopolitical concerns,” said Frank Nothaft, vice president and chief economist at Freddie Mac. TRD

U.S. housing prices will hit bottom this spring and begin to rise again next year, Frank Nothaft, chief economist at Freddie Mac, said yesterday during a presentation at the International Builders’ Show in Orlando. According to Reuters, attendance at the show this year was half what it was in the years between 2005 and 2008. Nothaft said he drew on historically low mortgage rates, slight declines in unemployment and delinquencies and an uptick in durable goods purchases to make his housing market forecast. Particularly hard-hit markets like Florida, Nevada and California may be the exceptions to that optimistic outlook, though, he added. Meanwhile, new housing starts are also expected to rise nationwide — by 20 to 21 percent — this year, Freddie Mac and the National Association of Home Builders said yesterday. “Twenty percent may sound like a really big increase, but keep in mind it comes off a very low base,” Nothaft said. [Reuters]

The 30-year fixed-rate mortgage average fell to an all-time low of 4.19 percent for the week ending Oct. 14, down from 4.27 percent last week, Freddie Mac said today, marking the 23rd week in a row that the rate has been under five percent. The last time 30-year FRM rates were this low was April 1951. “September’s employment report held no big surprises to financial markets, allowing long-term bond yields and fix mortgage rates to continue to ease,” said Frank Nothaft, vice president and chief economist at Freddie Mac. “As a result, both the 30-year and 15-year fixed mortgage rates hit all-time record lows for the third consecutive week.” Historically low rates have spurred yet another refinancing wave, Nothaft added. According to the Mortgage Bankers Association, conventional mortgage applications for refinance jumped 24 percent over the week of Oct. 8 to the strongest pace since mid-April 2009. TRD

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Mortgage interest rates remained flat this week, averaging 4.37 percent for the 30-year and 3.82 percent for the 15-year fixed-rate mortgage, according to data from Freddie Mac through Sept. 23. For the 15-year mortgage, that figure tied a record low and was down from 4.46 percent at the same time last year, while the 30-year mortgage’s rate dropped from 5.04 percent year-over-year. Meanwhile, the five-year Treasury-indexed hybrid adjustable-rate mortgage was down slightly, by 0.1 percent week-over-week, coming in at 3.54 percent, and its one-year counterpart averaged 3.46 percent, up from 3.40 percent one week prior. Frank Nothaft, vice president and chief economist at Freddie Mac, attributed the still-low interest rates to a combination of economic conditions and consumer confidence. “The perception of slow growth and low inflation removed any upward pressure on fixed mortgage rates this week,” he said. TRD

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Frank Nothaft

Both 30-year and 15-year fixed mortgage rates continued to decline during the week ending Aug. 12, according to a market report released today by Freddie Mac. The 30-year rate hit 4.44 percent this past week, down from 4.49 percent the prior week and 5.29 percent during the same week a year earlier. The 15-year fixed rate mortgage saw a record low, with average rates nationwide hovering around 3.92 percent. Last week’s rate was 3.95 percent, while the same week in 2009 saw an average rate of 4.68 percent. Frank Nothaft, vice president and chief economist with Freddie Mac, said that the low rates were good for the battered housing market. “Low rates are helping to heal many battered local housing markets by increasing home purchase activity,” Nothaft. Even so, this week’s mortgage bankers association report showed that, despite the low rate nationwide, there has been little mortgage application activity in recent weeks. TRD

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