"Weaker economic data reports eased upward pressure on mortgage rates
this week and kept them at or near all-time record lows,” says Frank
Nothaft, Freddie Mac’s chief economist.
Here’s a closer look at rates for the week:
- 30-year fixed-rate mortgages: averaged 4.22 percent this week, holding steady at last week’s average. Last year at this time, 30-year rates averaged 4.32 percent. Late last month, 30-year rates had reached a new record of 4.15 percent.
- 15-year fixed-rate mortgages: averaged 3.39 percent this week, dropping from last week’s 3.44 percent average. Last year at this time, 15-year rates averaged 3.83 percent.
- 5-year adjustable-rate mortgages: set an all-time record of 2.96 percent this week. This is the eighth consecutive week that the 5-year ARM has fallen and it is down from last week’s 3.07 percent average. A year ago, the 5-year ARM averaged 3.54 percent.
- 1-year ARMs: averaged 2.89 percent, dropping from last week’s 2.93 percent average. A year ago at this time, the 1-year ARM averaged 3.50 percent.
Source: “Mortgage Rates Remain at or Near Historic Lows,” Freddie Mac (Sept. 1, 2011)
Daily Real Estate News |
Friday, September 02, 2011
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