Mortgage Rates Keep Falling


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Mortgage rates continued to fall this week, with average interest rates on both 30-year and 15-year fixed-rate loans dropping again to new record lows in the weekly Freddie Mac rate survey.

Average rates on 30-year fixed-rate mortgages fell to a new record low of 3.62 percent this week, down from last week's previous record of 3.66 percent. It was the 10 th time in the past 11 weeks that 30-year rates have dropped to a new all-time low in the Freddie Mac survey.

Meanwhile, interest rates on 15-year fixed-rate mortgages dropped to an average of 2.89 percent, down from last week's previous record of 2.94 percent. Initial rates on 5-year adjustable-rate mortgages (ARMs) were unchanged at an average of 2.79 percent.

The rates include 0.7 points in discount and origination fees for the fixed-rate loans, and 0.6 points for the 5-year ARM.

Average interest rates on 30-year fixed-rate mortgages have fallen by nearly a full percent over the past year. One year ago this week, 30-year mortgages were average 4.60 percent, while 15-year loans were at 3.75 percent and 5-year ARMs were averaging 3.30 percent.

Frank Nothaft, Freddie Mac chief economist, attributed this week's falling rates to reports of weakening consumer spending and a slowdown in manufacturing date, which triggered a decline in Treasury bond yields, which set the pattern for interest rates in general.

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This article appears in: Personal Finance , Banking and Loans

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