Not only are housing prices at an extreme low, but 30-year fixed-rate mortgages continue to stay at record lows as well.
Freddie Mac reported in its weekly mortgage market survey that the 30-year fixed-rate mortgage has lingered at the record low of 3.87 percent since the first week of February.
For the past 11 weeks, the 30-year fixed-rate mortgage, the most popular choice among home buyers, has been below 4 percent.
Detailed look at the mortgage rates for the week ending Feb. 16:
- 1-Year adjustable rate mortgages (ARMs) averaged 2.84 percent, with an average 0.6 point, rising from last week’s 2.78 percent average. One year ago at this time, 1-year ARMs averaged 3.39 percent.
- 5-year adjustable rate mortgages averaged 2.82 percent this week, with an average 0.8 point, dropping slightly from last week’s 2.83 percent average. Last year, 5-year ARMs averaged 2.87 percent.
- 15-year fixed-rate mortgages averaged 3.16 percent, with an average 0.8 point, also matching last week’s average. Last year at this time, 15 year rates averaged 4.27 percent.
- 30-year fixed-rate mortgages averaged 3.87 percent, with an average 0.8 point, matching last week’s average. A year ago at this time, 30-year rates averaged 5 percent.
Source of information: Freddie Mac