Freddie Mac shows record lows -- yet again -- for mortgage rates
Another week, another round of record lows in the mortgage markets.
Lenders were offering the 30-year fixed-rate mortgage to solid borrowers at an average rate of 3.89% this week, down from 3.91% last week, according to home lending giant Freddie Mac.
That was the lowest rate on record since the survey began in 1971. Freddie Mac also reported record lows for the the 15-year fixed loan -- 3.16%, down from 3.23%.
The initial rates on adjustable loans touched bottom as well. Loans that adjust yearly had starting rates averaging 2.76%, down from 2.8% last week, Freddie said in its report Thursday. And loans with rates fixed for the first five years were starting at 2.82%, down from 2.86%.
The survey asks lenders to report rates they are offering to borrowers who are good credit risks and have 20% down payments or equivalent home equity in the case of refinance mortgages.
The borrowers would have paid 0.7% of the loan balance on average in upfront in lender fees and points for the 30-year fixed loan and the five-year hybrid adjustable, 0.8% for the 15-year loans, and 0.6% for the one-year adjustable.
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