Mortgage Rates Hit Yet Another Record Low
Mortgage rates defied the odds and reached new lows -again –creating a very favorable lending environment for home buyers or borrowers looking to refinance.The benchmark 30-year fixed-rate mortgage fell to 3.53%with an average 0.7 point down from 3.78% from last month. Last year at this time the 30-year fixed-rate mortgage averaged 4.52%. This is the lowest the 30-year fixed has reached since record keeping began and so far this year the rate has increased inthe weekly survey only once back on April 4th.
The benchmark 15-year fixed-rate mortgage and the 5-year adjustable rate also reached record lows. The 15-year fixed-rate fell to 2.83% with an average 0.6 point down from 3.66% one year ago. The 5-year ARM averaged2.69% with a 0.6 point factored in. This is down from 2.74% from the previous week and 3.27% from this time last year. The 1-year ARM was also fell from 2.97% to 2.69% with an average 0.4 point