Mortgage Rates Hit Lowest in Six Decades

By:
Kara Johnson | October 14, 2010

Mortgage rates fell to their lowest level in nearly 60 years this week, with average rates on 30-year fixed-rate loans falling to 4.19 percent, according to the current Freddie Mac survey. 

The figure is the lowest since April 1951, based on records of FHA rates from that time. There is no equivalent data available for conventional, nongovernment mortgages from those years.
 
Both 30-year and 15-year fixed rate loans fell to new record lows, as reported in the Freddie Mac survey dating as far back as 1970, for the third consecutive week. The average on 15-year loans declined to 3.62 percent, down from 3.72 percent last week. Last week’s 30-year rate was 4.27 percent.
 
Average initial rates on 5-year Treasury indexed adjustable rate mortgages (ARMs) were unchanged at 3.47 percent, matching last week’s record low.
 
By contrast, one year ago this week the average rates were 4.92 percent on 30-year loans, 4.37 percent on 15-year loans and 4.38 percent on the 5-year ARM.

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