Freddie Mac has release the results of this week's Primary Mortgage Market Survey. Mortgage rates continued to drop this week, almost across the board.
The 30-year fixed-rate morgage averaged 5.14 percent, with an average of 0.7 points. Last week rates were 5.20 percent, with an average of 0.7 points. A year ago, it averaged 6.26 percent with an average of 0.6 points.
The 15-year fixed-rate mortgae this week averaged 4.63 percent with an average 0.7 point. Last week it averaged 4.69 percent with 0.7 points. A year ago at this time, the 15-year FRM averaged 5.78 percent with 0.6 points.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.83 percent this week, with an average 0.7 point, up slightly from last week when it averaged 4.82 percent with the same number of points. A year ago, the 5-year ARM averaged 5.80 percent with 0.6 points.
One-year Treasury-indexed ARMs averaged 4.76 percent this week with an average 0.5 point, down from last week when it averaged 4.82 percent but with 0.6 points. At this time last year, the 1-year ARM averaged 5.10 percent with 0.6 points.
Points are pre-paid interest paid at the time of the closing of the loan.
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