Freddie Survey Finds 30-Year Rate Approaching Record Low

The average 30-year primary market mortgage rate tracked by Freddie Mac is nearing a record low not seen since April. The average rate for a 30-year fixed-rate mortgage in the company's Primary Mortgage Market Survey for the week ending Nov. 19 was 4.83%, down from 4.91% the previous week and 6.04% a year ago. This is not far from the record low of 4.78% seen earlier this year. Even more favorable than the average 30-year FRM rate in the latest week was the average 15-year FRM rate, which hit a new record low during the period of 4.32%. This was slightly below the previous record low of 4.33% hit the week of Oct. 8 and was down from 4.36% a week ago and 5.73% a year ago. The average rate for a five-year Treasury indexed hybrid adjustable-rate mortgage in the latest week was 4.25%, down from 4.29% a week ago and 5.87% a year ago. The average rate for a one-year Treasury ARM was 4.35%, down from 4.46% a week ago and 5.29% a year ago. Average points were as follows: 0.7 for 30-year FRMs and 0.6 for all the other aforementioned types of loans.