Average rates for 30-, 15- and five-year Treasury-indexed mortgages have once again fallen to lows never before seen in Freddie Mac’s closely watched primary market survey.
Freddie Mac chief economist Frank Nothaft attributed the rate drops to the downward drift in the core price index for personal consumption, which he said the Federal Reserve closely tracks.
During the week ending Oct. 7: the average rate for 30-year fixed rate mortgages was 4.27%, down from 4.32% the previous week and 4.87% a year ago; the average rate for 15-year FRMs was 3.72%, down from 3.75% the previous week and 4.33% a year ago; and the average rate for five-year Treasury hybrid adjustable-rate mortgages was 3.47%, down from 3.52% the previous week and 4.35% a year ago.
Freddie Mac has been tracking 30-year mortgage rates since 1971, 15-year mortgage rates since August 1991 and five-year hybrids since 2005.
The average one-year Treasury ARM rate also dropped in the most recent week falling to 3.40% from 3.48% the previous week and 4.53% a year ago.
Average points during the latest week were 0.8 for 30-year FRMs, 0.7 for 15-year FRMs and one-year Treasury ARMs, and 0.6 for five-year Treasury hybrids.
