The 15-year fixed-rate mortgage reached a new record low of 3.29 percent this week, as 30-year mortgage rates remained at the record low it reached last week, Freddie Mac reports in its weekly mortgage market survey.
Here’s a closer look at mortgage rates for the week:
- 30-year fixed-rate mortgages: averaged 4.09 percent, matching last week’s record-hitting average. Last year at this time, 30-year rates averaged 4.37 percent.
- 15-year fixed-rate mortgages: averaged 3.29 percent, marking a new all-time record. Last week, 15-year rates averaged 3.30 percent, and a year ago at this time, it averaged 3.82 percent.
- 5-year adjustable-rate mortgages: averaged 3.02 percent this week, up from last week’s 2.99 percent average. Last year at this time, the 5-year ARM averaged 3.54 percent.
- 1-year ARMs: averaged 2.82 percent, up slightly from last week’s 2.81 percent. A year ago, the 1-year ARM averaged 3.46 percent.
Source: Daily Real Estate News - 9/23/2011
If you or someone you know would like to know how these historically low interest rates would translate to how much home you can buy for what would fit in your budget, contact Cory at 402-680-2393.