The average for fixed-rate mortgages dropped to new record lows during the week ending Nov. 15 in Freddie Mac’s latest survey.
The average 30-year FRM dropped six basis points from the previous week to 3.34%. This is two basis points lower than the previous record low of 3.36% set the week ending Oct. 4.
During the most recent week, the average rate for a 15-year FRM fell three basis points to 2.65%. This is one basis point lower than the previous record low of 2.66% set the week ending Oct. 18.
Shorter-term rates were mixed during the week ending Nov. 15.
The average for a five-year Treasury-indexed hybrid adjustable-rate mortgage was 2.74%, up one basis point from the previous week.
The average for a one-year Treasury adjustable-rate mortgage was 2.55%, down four basis points from the previous week.
Average points remained lowest for one-year Treasury ARMs at 0.3 of a point, followed by five-year Treasury hybrids at 0.6 of a point. Both 15- and 30-year FRMs averaged 0.7 of a point.
A year ago, the average weekly 30-year rate was 4%, the average weekly 15-year rate was 3.31%, the average weekly five-year hybrid rate was 2.97% and the average weekly one-year Treasury ARM rate was 2.98%.