Freddie Mac's closely watched rate survey for the week ending Aug. 12 met expectations for further drops in three key rates to lows not seen since the agency began tracking them.
The average rate for the 30-year fixed-rate mortgage, which Freddie has been tracking since 1971, dropped five bps to 4.44%. This was down from 4.49% the previous week and 5.29% a year ago. The move came in the wake of Federal Reserve officials' recent near-unanimous decision to take steps to hold both short- and long-term rates low and an earlier weak employment report.
The average rates for 15-year FRMs and for five-year Treasury-indexed adjustable-rate mortgages also dropped to survey record lows during the most recent week, with average points lowest on 15-year loans at 0.6. The 15-year FRM rate fell to 3.92% from 3.95% the previous week and from 4.68% a year ago. Freddie Mac has been tracking this rate since 1991. During the week ending Aug. 12, the five-year Treasury hybrid rate declined to 3.56% from 3.63% the previous week and from 4.75% a year ago. Freddie Mac has been tracking this rate since 2005.
The average rate for one-year Treasury ARMs also dropped in the latest week, falling to 3.53% from 3.55% a week ago and from 4.72% a year ago.
Average points for all loans except 15-year FRMs were 0.7 during the week ending Aug. 12.
