Average 30-Year FRM Rate Hits Another Survey-Record Low

The average rate for a 30-year fixed-rate mortgage set another record low in the history of Freddie Mac's weekly survey, which started in 1971. The 30-year FRM rate, at 5.10%, was down from 5.14% the previous week and 6.07% a year ago. This marked the third consecutive week of survey-record lows and the ninth straight week of declines for the 30-year rate, according to Freddie Mac chief economist Frank Nothaft. "Since the end of October, these rates have declined about 1 1/3 percentage points," which represents "payment savings of approximately $173 a month for a $200,000 loan," Mr. Nothaft said in his weekly rate report. The average 15-year FRM rate, at 4.83%, was the lowest it has been since March 25 when it was 4.70% and represents a decline from 4.91% the week previous. The average 15-year rate was 5.68% a year ago. The average rate on a five-year Treasury-indexed hybrid adjustable-rate mortgage was 5.57% in the most recent week, up from 5.49% the week previous and down from 5.78% a year ago. The average rate on a one-year Treasury-indexed ARM was 4.85%, down from the previous week's 4.95% and the previous year's 5.47%. Average points were 0.7 for 30- and 15-year FRMs and five-year Treasury-indexed hybrids, and 0.5 for one-year Treasury-indexed ARMs.