Survey: 30-Year Rates Hit New Low

The average rate for a 30-year fixed-rate mortgage fell to 4.78% during the week ending April 2 hitting another survey-record low, according to the Freddie Mac Primary Mortgage Market Survey. The rate fell seven basis points from 4.85% the previous week. Freddie Mac started tracking the 30-year fixed-rate in 1971. A year ago the average 30-year FRM rate was 5.88%. "Mortgage rates followed other interest rates lower this week amid reports of slower economic growth," said Frank Nothaft, Freddie Mac vice president and chief economist. The 15-year FRM rate averaged 4.52% in the most recent week, down from the previous week when it averaged 4.58%. A year ago at this time, the 15-year FRM rate averaged 5.42%. The 15-year FRM rate has never been lower since Freddie Mac began tracking it in 1991. The average rate for five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.92%, down from the previous week when it averaged 4.96%. A year ago, the five-year Treasury-indexed hybrid ARM rate averaged 5.59%. This five-year hybrid rate has never been lower since Freddie Mac began tracking it in 2005. The average rate for one-year Treasury-indexed ARMs averaged 4.75%, down from the previous week when it averaged 4.85%. At this time last year, the one-year ARM rate averaged 5.19%. The one-year ARM has not been lower since the week ending Sept. 29, 2005, when it averaged 4.68%.