Mortgages tracked by Freddie Mac have dropped yet again, causing excitement with investors. This is a new low in records dating to 1971. Rates on 30-year fixed-rate mortgage averaged 4.49 percent with an average 0.7 point for the week (ending August 5th). This week's rate was down from 4.54 percent last week and 5.22 percent a year ago. You can read what Freddie Mac had to say in the results of its weekly Primary Mortgage Market Survey.
Rates on 15-year fixed-rate mortgages averaged 3.95 percent with an average 0.6 point, down from 4 percent last week and 4.63 percent a year ago. That's a new low in records dating back to 1991, Freddie Mac said.
As far as ARMs are concerned (Treasury-indexed hybrid adjustable-rate mortgage) a 5 year averaged 3.63 percent with an average 0.6 point, down from 3.76 percent last week and 4.73 percent a year ago. That's a new low in records dating back to 2005.
One loan NOT setting records are 1 year ARMs (Treasury-indexed ARMs). These loans averaged 3.55 percent with an average 0.7 point, down from 3.64 percent last week and 4.78 percent a year ago.
These rates are for prime borrowers who are taking out loans with 20 percent down payments. Borrowers putting less than that down or borrowers who are taking out large or risky loans can expect to pay more.
INFORMATION WAS OBTAINED FROM INMAN NEWS. www.inman.com
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