The 30 year fixed mortgage rate continued to reach record breaking lows as the rate has been on a steady decline for the past 10 weeks.
The 30 year fixed mortgage rate set a new record low of 5.01 percent, according to Freddie Mac who has been running their Primary Mortgage Market Survey since 1971. The rate is down from 5.10 percent last week and 5.87 percent from 1 year ago.
“Interest rates for 30-year fixed-rate mortgages fell for the tenth week to a fourth consecutive record low due in part to the Federal Reserve’s recent purchases of mortgage-backed securities issued by Freddie Mac, Fannie Mae and Ginnie Mae,” said Frank Nothaft, Freddie Mac vice president and chief economist.
The 15 year fixed mortgage rate fell to a level which has not been seen since June 19, 2003. According to Freddie Mac the average contract rate for a 15 year fixed mortgage rate is 4.62 percent, down from 4.83 percent last week and 5.68 percent a year ago.
The 5 year adjustable mortgage rate also saw a decline from 5.57 percent last week to a current average of 5.49 percent. The 1 year adjustable mortgage rate was the only rate to rise in the latest survey by Freddie Mac. The 1 year rate rose from 4.85 percent last week to an average of 4.95 percent this week.
Get the latest insight on mortgage rates from professionals within the industry by visiting Future Planning Financial at www.fpf-direct.com.
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