Freddie Mac reported on Thursday, that this week rates on fixed-rate mortgages fell for a third week in a row, and the 15-year fixed-rate mortgage fell to a low that has never seen since records started being kept on the loan in 1991.
30-year fixed-rate mortgage
The 30-year fixed-rate mortgage averaged 5.04% for the week that has ended on Sept. 17, it has dropped down from 5.07% last week and 5.78% a year ago. The mortgage rate hasn’t been that much lower since the week that has ended on May 28, at that time it averaged 4.91%.
15 year fixed-rate mortgages
15 year fixed-rate mortgages averaged 4.47%, it has dropped down from 4.5% last week and 5.35% a year ago.
Five year adjustable-rate mortgages
Five year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.51%, it remains unchanged from last week; the ARM averaged 5.67% a year ago. One-year Treasury-indexed ARMs averaged 4.58%, it has shown a fall from 4.64% last week and 5.03% a year ago.
In order to obtain the rates, the 30-year fixed-rate mortgage need a payment of an average 0.7 point, the 15-year fixed-rate mortgage need an average 0.6 point and the ARMs need an average 0.5 point. 1% of the mortgage amount, which is charged as prepaid interest is referred to as a point.
Earlier this week, it has been reported by the Mortgage Bankers Association that the volume of mortgage applications fell a seasonally adjusted 8.6% for the week that has ended on Sept. 11, as compared with the week before.