30-Year, 15-Year Fixed-Rate Mortgages Drop Again
McLean, VA – Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), and again, the fixed-rate mortgages reaching, along with the 5-year adjustable rate, set record lows for this survey. (The 30-year fixed-rate survey began in 1971, the 15-year began in 1991, and the 5-year adjustable in 2005.)
30-year fixed-rate mortgage (FRM) averaged 4.44 percent with an average 0.7 point for the week ending August 12, 2010, down from last week when it averaged 4.49 percent. Last year at this time, the 30-year FRM averaged 5.29 percent.
15-year FRM this week averaged a record low of 3.92 percent with an average 0.6 point, down from last week when it averaged 3.95 percent. A year ago at this time, the 15-year FRM averaged 4.68 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.56 percent this week, with an average 0.7 point, down from last week when it averaged 3.63 percent. A year ago, the 5-year ARM averaged 4.75 percent.
1-year Treasury-indexed ARM averaged 3.53 percent this week with an average 0.7 point, down from last week when it averaged 3.55 percent. At this time last year, the 1-year ARM averaged 4.72 percent.
