Mortgage Rates Hit Record Lows

Mortgage rates dropped sharply this week, perhaps bettering the buying power of a lot of house customers. The 30-year fixed-rate mortgage (FRM), the most popular choice amongst customers, averaged 4.39 percent this week, its lowest regular for 2011, Freddie Mac reported in its weekly mortgage market survey.

The 15-year fixed-rate mortgage and the 5-year adjustable rate-mortgage (ARM) also the two attained new historical record lows.

Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.

News Facts :

• 30-year fixed-rate mortgage (FRM) averaged 4.39 percent with an average 0.8 point for the week ending August 4, 2011, down from last week when it averaged 4.55 percent. Last year at this time, the 30-year FRM averaged 4.49 percent.
• 15-year FRM this week averaged 3.54 percent with an average 0.7 point, down from last week when it also averaged 3.66 percent. A year ago at this time, the 15-year FRM averaged 3.95 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.18 percent this week, with an average 0.6 point, down from last week when it averaged 3.25 percent. A year ago, the 5-year ARM averaged 3.63 percent.
• 1-year Treasury-indexed ARM averaged 3.02 percent this week with an average 0.5 point, up from last week when it averaged 2.95 percent. At this time last year, the 1-year ARM averaged 3.55 percent.

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