Freddie Finds Fixed Rates at or Near Record Lows

The average weekly 30-year mortgage rate is near its record low but lower than the average short-term mortgage rate for the second week in a row, something Freddie Mac said has not happened since it began tracking adjustable-rate mortgages in 1984. The average rate for a 30-year fixed-rate mortgage was 4.80%, down from 4.82% the previous week and 6.03% a year ago; the average rate for a 15-year FRM was 4.48%, unchanged from the previous week's 1991 survey-record low and down from 5.62% a year ago; the average rate for a hybrid five-year Treasury-indexed adjustable-rate mortgage was 4.85%, down from the previous week's 4.88% and 5.68% a year ago; and the average one-year Treasury ARM rate was 4.82%, down from the previous week's 4.91% and 5.29% a year ago. Average points were as follows: 0.7 for 30- and 15-year FRMs, 0.6 for five-year Treasury hybrids and 0.5 for one-year Treasury ARMs.