Wednesday
July 23, 2014

Mortgage Rates Stay Low, Near Record Levels

|
-A A +A

Mortgage Rates Stay Low, Near Record Levels

Fixed-rate mortgages continue to hover near their record lows, keeping home buyer affordability high, Freddie Mac reports in its latest weekly mortgage market survey. 

"Mortgage rates were little changed and near record lows this week amid indicators of stronger economic growth and signs of tame inflation,” says Frank Nothaft, Freddie Mac’s chief economist.

The following are national averages on mortgage rates for the week ending Dec. 6, according to Freddie Mac. 

  • 30-year fixed-rate mortgages: averaged 3.34 percent, with an average 0.7 point, rising from last week’s 3.32 percent average. The record low for 30-year rates was set last month, averaging 3.31 percent. A year ago, 30-year rates averaged 3.99 percent. 
  • 15-year fixed-rate mortgages: averaged 2.67 percent, with an average 0.6 point, rising from last week’s 2.64 percent average. The record low for 15-year rates was also set last month, averaging 2.63 percent. Last year at this time, 15-year rates averaged 3.27 percent. 
  • 5-year adjustable-rate mortgages: averaged 2.69 percent, with an average 0.6 point, dropping from last week’s 2.72 percent average. A year ago, 5-year ARMs averaged 2.93 percent. 
  • 1-year ARMs: averaged 2.55 percent, with an average 0.4 point, dropping from last week’s 2.56 percent average. A year ago, 1-year ARMs averaged 2.80 percent. 

Source: Freddie Mac