Mortgage Rates Continue to Reach New Lows
Fixed mortgage rates hit new all-time record lows for the second consecutive week, Freddie Mac reported Oct. 4 in its weekly Primary Mortgage Market Survey.
The 30-year fixed-rate dropped 0.04 percentage points to 3.36 percent (down from 3.94 percent a year ago). The 15-year fixed-rate also declined 0.04 percent to 2.69 percent (down from 3.26 percent a year ago).
The one-year adjustable-rate mortgage fell 0.03 percentage points to 2.57 percent (down from 2.95 percent a year ago). The five-year Treasury-indexed adjustable-rate, however increased 0.01 percent to 2.72 percent (down from 2.96 percent a year ago).
“Fixed mortgage rates fell again this week to all-time record lows due to the mortgage securities purchases by the Federal Reserve and indicators of a weakening economy,” Frank Nothaft, Freddie Mac vice president and chief economist, said in a news release. “The final estimate of growth in gross domestic product was revised down to 1.3 percent in the second quarter, representing the slowest growth in a year. In addition, personal incomes rose only 0.1 percent in August, while July's increase was revised downward. And finally, pending home sales in August fell 2.6 percent, well below the market consensus forecast of a slight increase.”
View Freddie Mac’s weekly Primary Mortgage Market Survey.