Today’s mortgage rates have officially hit all-time record lows according to Freddie Mac.
The average interest rate for a thirty-year fixed rate mortgage yesterday was at 4.65%, this is down from last week when the thirty-year fixed averaged 4.75%. This time last year the average rate for this type of loan was 5.42%.
The average rate for a fifteen-year fixed rate mortgage dropped down to an amazing 3.875% yesterday, from last week when it averaged 4.20%. A year ago at this time, the fifteen-year fixed mortgage rate was at 4.87%.
This week the five-year Treasury-indexed hybrid ARM averaged at 3.84%, with an average 0.7 point. Down from last week when the five-year Treasury-indexed hybrid ARM averaged 3.89%.
“Mortgage rates for all but traditional 1-year ARMs hit all-time record lows this week in our survey while activity in the housing market slowed in May following the expiration of the homebuyer tax credit,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Freddie Mac began collecting rates for 30-year fixed loans in April 1971, 15-year fixed mortgages in September 1991 and 5-year hybrid ARMs in January 2005. The record low for traditional 1-year ARMs of 3.36 percent occurred during the week of March 25, 2004.
