Monday
May 25, 2015

Mortgage Rates Sink to New Low for 2014

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Mortgage Rates Sink to New Low for 2014

Despite predictions that mortgage rates were to inch up in the second half of this year, fixed-rate mortgages continue to tumble.

Borrowing costs moved lower this week, as the 30-year fixed-rate mortgage dipped to a 4.10 percent average, Freddie Mac reports in its weekly mortgage market survey. The 30-year fixed-rate mortgages previous low average for the year was 4.12 percent.

Forecasts: Right or Wrong?

Freddie Mac reports the following mortgage rate national averages for the week ending Aug. 21:

  • 30-year fixed-rate mortgages: averaged 4.10 percent, with an average 0.5 point, dropping from last week’s 4.12 percent. Last year at this time, 30-year rates averaged 4.58 percent.
  • 15-year fixed-rate mortgages: averaged 3.23 percent, with an average 0.6 point, dropping from last week’s 3.24 percent average. A year ago, 15-year rates averaged 3.60 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.95 percent, with an average 0.5 point, dropping from last week’s 2.97 percent average. Last year at this time, 5-year ARMs averaged 3.21 percent.
  • 1-year ARMs: averaged 2.38 percent, with an average 0.5 point, rising from last week’s 2.36 percent average. A year ago, 1-year ARMs averaged 2.67 percent.

Source: Freddie Mac