Mortgage rates reach record lows once again as the government continues to step in and use their influence to make housing more affordable.
The 30 year fixed mortgage rate fell 0.13 percentage points to a record low of an average of 4.85 percent according to Freddie Mac’s Primary Mortgage Market Survey. This is the second time this year that the 30 year fixed mortgage rate has set a record low.
The 15 year fixed mortgage rate dropped slightly week over week from an average of 4.61 percent to 4.58 percent. This is also a record low for the 15 year fixed rate.
The 5 year adjustable mortgage rate also slipped throughout the week from an average of 4.98 percent to an average of 4.96 percent, according to the survey. Once again, the 5 year adjustable mortgage rates sets another record low.
Finally, the 1 year adjustable mortgage rate fell 0.06 percentage points to an average of 4.85 percent.
"The Federal Reserve's announcement that it intends to purchase Treasury securities over the next six months caused bond yields to drop and mortgage rates followed," Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement.
For more mortgage news and updated mortgage rates visit Future Planning Financial at www.fpf-direct.com.
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