Monday
December 22, 2014

Mortgage Rates Continue to Fall

|
-A A +A

Mortgage Rates Continue to Fall

Fixed-rate mortgages sank down near their record lows last week , according to Freddie Mac’s weekly mortgage market survey. The low mortgage rates are helping to keep homebuyer affordability high and unlock savings for home owners. 

Freddie Mac reported the following national averages with mortgage rates for the week ending Dec. 13:

  • 30-year fixed-rate mortgages: averaged 3.32 percent, with an average 0.7 point, dropping from last week’s 3.34 percent average. The record low for the 30-year fixed-rate mortgage was set last month, averaging 3.31 percent. A year ago, 30-year rates averaged 3.94 percent. 
  • 15-year fixed-rate mortgages: averaged 2.66 percent, with an average 0.6 point, dropping from last week’s 2.67 percent average. The all-time low for 15-year rates was also set last month, averaging 2.63 percent. Last year at this time, 15-year rates averaged 3.21 percent. 
  • 5-year adjustable-rate mortgages: averaged 2.70 percent, with an average 0.6 point, rising from last week’s 2.69 percent average. Last year at this time, 5-year ARMs averaged 2.86 percent. 
  • 1-year ARMs: averaged 2.53 percent, with an average 0.5 point, dropping from last week’s 2.55 percent average. A year ago, 1-year ARMs averaged 2.81 percent. 

Source: Freddie Mac