30-year, fixed-rate mortgage hits new low
The 30-year, fixed-rate mortgage fell to 3.88% this past week, hitting a new low and marking its seventh consecutive week below 4%, Freddie Mac said Thursday. That compares to a 30-year FRM of 3.89% a week earlier and 4.74% last year. Meanwhile, the 15-year FRM hit 3.17%, up from 3.16% the previous week and down from 4.05% last year. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.82%, compared to 3.69% a year ago. The 1-year, Treasury-indexed ARM hit 2.74%, down from 2.76% last week and 3.25% last year. Mortgage rates for the most part were unchanged from the previous week due to mixed economic reports that show a level of uncertainty over consumer sentiment and the broader economy, according to Frank Nothaft, vice president and chief economist for Freddie Mac. Bankrate also reported the 30-year, FRM remained unchanged at 4.18%, while the 15-year, FRM ticked up from 3.38% last week to 3.39%. The 5/1 ARM also rose to 3.06% from 3.04% a week earlier. Write to Kerri Panchuk.