Average primary market mortgage rates tracked by Freddie Mac's closely watched weekly survey held relatively steady this week, hovering near record lows below 5% for the 19th week in a row.
Moreover, the extended opportunity to refinance has helped homeowners reduce their financial obligations relative to personal income, a ratio that Federal Reserve data show had hit a low not seen in almost eight years as of the end of the second quarter, said Freddie Mac vice president and chief economist Frank Nothaft.
During the week ending Sept. 16, the average rate for a 30-year fixed rate mortgage was 4.37%, up slightly from 4.35% the week before, but down considerably from 5.04% a year ago. The average 15-year FRM rate fell by one basis point to 3.82%. A year ago the 15-year rate was 4.47%.
The average rate for a five-year Treasury indexed mortgage during the week ending Sept. 16 was 3.55%, compared to 4.51% a year ago. One-year Treasury ARMs averaged 3.40%, down from 3.47% the week prior. A year ago the rate was 4.58%.
Consumers, on average, paid 0.7 points for one-year Treasury ARMs and 30-year FRMs.
