Mortgage Rates Continue to Fall

By:
Kara Johnson | September 30, 2010
Mortgages interest rates hit record lows again this week, according to the Freddie Mac Primary Mortgage Market Survey.
 
Average interest rates on the 30-year fixed-rate loan dropped to 4.32 percent, matching the record low set four weeks ago, and the 15-year fixed-rate loan fell to 3.75 percent, a new record low. Average rates last week were 4.37 percent and 3.82 percent.
 
Initial interest rates on the 5-year Treasury indexed adjustable-rate mortgage also declined, to 3.52 percent, also an all-time low.
 
“Confidence in the state of the economy fell among consumers and businesses, which led to a decline in long-term bond yields and brought many mortgage rates to record lows this week,” said Frank Nothaft, chief economist for Freddie Mac.
 
“Consequently, rates for the 15-year fixed mortgage and the 5-year hybrid ARM reached new all-time lows and rates for 30-year fixed mortgages tied its record set just four weeks ago,” he added.
 
Average discount and origination fees averaged 0.8 points on 30-year loans, 0.7 points on the 15-year and 0.6 points on the ARM.

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