Mortgage Rates Fall to All-Time Lows for Second Straight Week
Last week, Freddie Mac released the results of its Primary Mortgage Market Survey, showing mortgage rates dropping to new all-time record lows for the second consecutive week. Experts point to indicators of a weakening economy for the continuous fall in mortgage rates. The last time the average 15-year fixed-rate mortgage (FRM) was lower than the 5-year adjustable-rate mortgage (ARM) was the week ending October 15, 2009.
- 30-year FRM averaged 3.36 percent for the week ending October 4, 2012, down from last week when it averaged 3.40 percent. A year ago at this time, the 30-year FRM averaged 3.94 percent.
- 15-year FRM averaged 2.69 percent, down from last week when it averaged 2.73 percent. Last year, the 15-year FRM averaged 3.26 percent.
- 5-year ARM averaged 2.72 percent this week, up from last week when it averaged 2.71 percent. At this time a year ago, the 5-year ARM averaged 2.96 percent.
- 1-year ARM averaged 2.57 percent this week, down from last week when it averaged 2.60 percent. A year ago, the 1-year ARM averaged 2.95 percent.
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