The average rates for 30-year, 15-year and five-year Treasury-indexed mortgages dropped to more record lows during the week ended Aug. 5, according to Freddie Mac.
The declines followed a downward revision of the second quarter gross domestic product.
The 30-year rate fell to 4.49% from 4.54% the previous week and 5.22% a year ago, the 15-year rate slid to 3.95% from 4% the previous week and 4.63% a year ago, and the five-year rate declined to 3.63% from 3.76% a week ago and 4.73% a year ago. These were lows never before seen in the history of Freddie’s primary mortgage market survey, which has been tracking the 30-year fixed rate since 1971, the 15-year fixed rate since 1991 and the five-year Treasury-indexed hybrid mortgage rate since 2005. Points in the most recent week were an average of 0.7 for 30-year product and 0.6 for 15-year product.
The average rate for the one-year Treasury adjustable-rate rate mortgage also slid during the week. At 3.55%, it was down from 3.64% a week ago and 4.78% a year ago.
