The 15-year fixed-rate mortgage reached a new all-time record low this week, averaging 2.61 percent, Freddie Mac reports in its weekly mortgage market survey. The 5-year adjustable-rate mortgage also reached a new record low this week of 2.58 percent.
This marked the fourth-consecutive week mortgage rates inched lower.
“The housing market is getting a boost with mortgage rates hovering at or near record lows,” says Frank Nothaft, Freddie Mac’s chief economist.
Freddie Mac reports the following national averages for mortgage rates for the week ending April 25:
•30-year fixed-rate mortgages: averaged 3.40 percent, with an average 0.8 point, dropping from last week’s 3.41 percent average. A year ago at this time, 30-year rates averaged 3.88 percent.
•15-year fixed-rate mortgages: averaged the new low of 2.61 percent, with an average 0.7 point. The previous record low for 15-year rates was set the week of Nov. 21, 2012, when 15-year rates averaged 2.63 percent. A year ago at this time, 15-year rates averaged 3.12 percent.
•5-year adjustable-rate mortgages: also averaged a new all-time record low of 2.58 percent this week, with an average 0.5 point, dropping from last week’s 2.60 percent average. Last year at this time, 5-year ARMs averaged 2.85 percent.
•1-year ARMs: averaged 2.62 percent, with an average 0.3 point, dropping from last week’s 2.63 percent average. A year ago at this time, 1-year rates averaged 2.74 percent.
Source: Freddie Mac