15 Year Mortgage Rate Hits Record Low

Published: August 5, 2011

15 Year Mortgage Rate Hits Record Low, With indicators signaling a weak economy, the average rate on 15 year fixed rate mortgage hit a low of 3.54% in the week ending August 4, down from 3.66% in the previous week, according to a poll released Thursday by Freddie Mac, a purchaser of residential mortgages. This data back to 1991. A year ago, the rate was 3.95%. For the latest rate, payment from an average of 0.7 points was necessary. A point is 1% of the mortgage amount, charged as prepaid interest. Meanwhile, the 5-year Treasury-indexed hybrid Adjustable-rate mortgage has also reached a record level, on average 3.18% in the last week, down from 3.25% the previous week. These figures date back to 2005. “Yields Treasury bond fell sharply after the signs of the economy was weaker than markets had previously thought, allowing for fixed mortgage rates this week to follow,” said Frank Nothaft, chief economist at Freddie Mac, in a statement. The average rate on 30 year fixed rate mortgage dropped to 4.39% in the last week – the lowest level since November – from 4.55% the previous week. The one-year Treasury-indexed ARM rose to 3.02% against 2.95%.

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