This morning Freddie Mac released the results of its Primary Mortgage Market Survey®, showing mortgage rates at all time lows. While the 30-year fixed held steady, the 5-year adjustable rate mortgage set a new all-time record low having fallen for the eighth consecutive week and now standing at 2.96%.
This past week, the 30-year fixed-rate mortgage averaged 4.22%,. Last year it averaged 4.32% during the same week. The 15-year fixed rate mortgage was also lower compared to last year at 3.39%, which is down from 3.83% a year ago.
Vice president & chief economist at Freddie Mac states “Weaker economic data reports eased upward pressure on mortgage rates this week and kept them at or near all-time record lows.”