Record-reaching rates have practically become a weekly mainstay the last few weeks for 30-year and 15-year fixed-rate mortgages. For the past 16 weeks, the 30-year fixed-rate mortgage alone has averaged below 4 percent, increasing affordability by cheapening the costs of borrowing.
In its weekly mortgage market survey, Freddie Mac reports that average fixed-rate mortgages continue to reach all-time record lows.
Here’s a closer look at rates for the week ending July 12:
30-year fixed-rate mortgages: averaged a new low of 3.56 percent, with an average 0.7 point, down from last week’s previous record of 3.62 percent. A year ago at this time, 30-year rates averaged 4.51 percent.
15-year fixed-rate mortgages: averaged a new record of 2.86 percent, with an average 0.7 point, dropping from last week’s previous record of 2.89 percent. The 15-year fixed-rate mortgage has been below 3 percent for the last seven weeks. Last year at this time, 15-year rates averaged 3.65 percent.
5-year adjustable-rate mortgages: averaged 2.74 percent, with an average 0.6 point, dropping from last week’s 2.79 percent average. Last year at this time, 5-year ARMs averaged 3.29 percent.
1-year ARMs: averaged 2.69 percent, with an average 0.4 point, up slightly from last year’s 2.68 percent average. A year ago at this time, 1-year ARMs averaged 2.95 percent.