The average rate for a conventional 30-year, fixed-rate mortgage dropped below 4% for the first time in history amid increasing global concerns, according to Freddie Mac. The 30-year FRM averaged 3.94% with an average of 0.8 point for the week ending Oct. 6. Last year at this time, the 30-year FRM averaged 4.27%. The 15-year, fixed-rate mortgage also fell to the lowest level on record for the sixth consecutive week, averaging 3.26% with an average 0.8 point, down from 3.28% a week ago and 3.72% a year ago. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.96%, with an average 0.6 point, down from 3.02% last week and 3.47% a year ago. Interest rates for 1-year ARMs, however, rose, as the Federal Reserve began replacing $400 billion of its short-term Treasury securities, which serve as benchmarks for many ARMs. The one-year Treasury-indexed ARM averaged 2.95% this week with an average 0.5 point, up from last week when it averaged 2.83%. At this time last year, the 1-year ARM averaged 3.4%. Rates dropped amid growing concerns over a global recession. Consumer spending inched up 0.2%in August, but personal income fell 0.1%, the first decline since October 2009. Write to Kerry Curry. Follow her on Twitter @communicatorKLC.
Mortgage rates hit record low of 3.94%: Freddie
Most Popular Articles
Latest Articles
The best real estate podcasts for agents and brokers in 2024
The best real estate podcasts to motivate, inspire, entertain and enlighten you this year.
-
Home sellers saw their profits shrink in the first quarter: Attom
-
If reelected, Trump could seek greater control over Federal Reserve
-
Acra CEO Keith Lind on staying the course amid choppy waters in non-QM
-
HUD walks back some proposed changes to HECM for Purchase program
-
Retirement confidence hasn’t fully recovered, but survey shows hope for future prospects