Once again we have a new mortgage rate record! Mortgage rates continued to decline last week with 30 year fixed rate mortgages hitting a record low of 3.34%, down from 3.4% the previous week and 4% a year ago. The 15 year fixed rate mortgage is at 2.65% down from 3.31% a year ago. Higher consumer confidence, which is thought to be at the highest level since 2007, and lower wholesale prices are said to be the reason for the new record lows.
According to Freddie Mac, mortgage rates continue to decline and set new record lows! Reasons for the new historic lows are a weakening economy and the Federal Reserve’s continued purchase of mortgage securities.
The 30-year fixed rate mortgage averaged 3.36% for the week ending October 4, falling below the all-time low of 3.4% set last week. Last year at this time, the 30-year fixed rate mortgage averaged 3.94%. The 15-year fixed rate mortgage, a popular refinancing choice, averaged 2.69%, falling from 2.73% last week and setting a new record low. A year ago, the average rate for a 15-year fixed rate mortgage was 3.26%.
Mortgage interest rates hit new record lows again last week according to Freddie Mac! The 30-year, fixed rate mortgage averaged 3.4%, breaking through it’s all-time low set in July and falling from last week’s 3.49%. Last year at this time, the 30-year fixed rate mortgage averaged 4.01%.
All mortgage products, except the 5-year adjustable rate mortgage, averaged all-time lows.
The 15-year fixed rate mortgage, a popular refinancing choice, averaged 2.73%, falling from 2.77% last week and setting a record low. A year ago, the average rate for a 15-year fixed rate mortgage was 3.28%. The new record lows should help support the recovering real estate market.
There has been a slight mortgage rate increase across the board this past week according to Freddie Mac. The slight rate increase has been due to the positive news about the job market. The 30 year fixed rate mortgage rate was up .04% from last week to 3.92% but that is still much lower than a year ago when it was at 4.76%. The fixed rate 15 year mortgage was at 3.16%, up from 3.13% last week but still down from the rate a year ago of 3.97%.