Mortgage rates in Freddie Mac's weekly survey have come in at or near record lows again this week.
With housing and economic data still weak, the average rate for a 30-year fixed-rate mortgage remained stable at 4.22%.
The average rate for the lesser-used, five-year hybrid Treasury-indexed adjustable-rate mortgage set yet another record low as it fell for the eighth week in a row to 2.96%.
The average 15-year FRM rate dropped 5 basis points to 3.99% from last week, while the average one-year Treasury ARM rate declined 4 bps to 2.89%.
Thirty-year loans had an average of 0.7 of a point during the week ending Sept. 1 while the other three types of mortgages had an average of 0.6 of a point.
A year ago the 30-year was 10 bps higher, the 15-year was 39 bps higher, the five-year Treasury hybrid was 58 bps higher and the one-year Treasury ARM was 61 bps higher.
Lenders One CEO Scott Stern told this publication that low rates are proving attractive to borrowers and underwriting has loosened somewhat, but the housing market's weakness is seen as a deterrent rather than the bargain it is by some.
