Mortgage rates reach new record lows

Fixed-rate mortgage rates
this week are at an all-time record low of 4.01
percent, according to a statement released by Freddie Mac today. The
15-year rate also averaged an all-time record low at 3.28 percent for
the week.

The 30-year rate was down an average of 0.7 points from the week before,
when it averaged 4.09 percent. Last year at this time, the 30-year fix-rate
averaged 4.32 percent. The 15-year rate was also down an average 0.7
point from the week before, when it averaged 3.29 percent. A year ago
at this time, the 15-year fixed-rate averaged 3.75 percent.

The five-year adjustable-rate mortgages averaged 3.02 percent this
week, with an average 0.6 point, matching last week when it also
averaged 3.02 percent.

Sign Up for the undefined Newsletter

“Fixed mortgage rates fell to all-time record lows this week following
the Federal Reserve’s announcement of its Maturity Extension Program
and additional purchases of mortgage-backed securities,” said Frank
Nothaft, vice president and chief economist at
Freddie Mac.

“Meanwhile, the spring and summer home-buying season gave a boost to a
number of house price indexes,” he added. He noted that recent reports
by the Federal Housing Finance Agency, the S&P Case Shiller 20-city
Composite Index and CoreLogic all saw increases in July. — Miranda
Neubauer