Long-Term Mortgage Rates At Record Lows

0 Shares

WASHINGTON (UPI) — Average mortgage rates for 30-year, fixed-rate loans fell to record lows for the fifth consecutive week, the Federal Home Loan Mortgage Corp. said Thursday.

Average rates for 30-year contracts dropped from 3.78 percent to 3.75 percent with 0.8 points, a record low. Thirty-year mortgage rates averaged 4.55 percent the same week of 2011.

Average rates on 15-year contracts hit a record low of 2.97 percent with 0.7 points, down from 3.04 percent a week ago, Freddie Mac said.

A year earlier, rates on 15-year contracts stood at 3.74 percent.

Five-year adjustable rate mortgages averaged 2.84 percent in the week with an average 0.6 points, up from the previous week, when average rates were at 2.83 percent. Five-year adjustable rate loans averaged 3.41 percent a year earlier.

Average rates on one-year treasury-indexed adjustable mortgages were unchanged in the week at 2.75 percent with 0.4 points. A year ago, rates for these loans averaged 3.13 percent.

Freddie Mac Vice President and Chief Economist Frank Nothaft said “tensions in the eurozone led to a decline in long-term Treasury bond yields, helping to bring fixed mortgage rates to new record lows this week.”

Nothaft noted that compared to a year earlier, 30-year, fixed-rate mortgages at current rates save homeowners $1,200 in annual payments based on a $200,000 loan.

UPI - United Press International, Inc.

Since 1907, United Press International (UPI) has been a leading provider of critical information to media outlets, businesses, governments and researchers worldwide.

Join the Discussion

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.