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Fixed Mortgage Rates Fall to Lowest on Record

Thursday, September 29th, Freddie Mac released data putting  the average 30-year fixed-rate mortgage at 4.01 % (0.7 point).  A year ago at this time, the 30-year rate averaged 4.32 percent. The 15-year fixed-rate averaged 3.28%A year ago at this time, the 15-year rate was 3.75% (0.7 point). Interest rates for adjustable-rate mortgages (ARMs), on the other hand, were unchanged The 5-year ARM averaged 3.02% (0.6 point) this week, matching last week’s average. A year ago, the 5-year ARM was 3.52%.

In a nutshell interest rates droped .31% since last year on a 30 year fixed and .47% on a 15 year mortgage.

Fannie Mae’s complete report can be found here.     http://www.freddiemac.com/pmms/

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