Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dropped to 4.85 percent this week, from 4.98 percent last week. It was the lowest in the history of Freddie Mac’s survey, which dates back to 1971 and was down a full percentage point from a year ago.
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by Shilpi Paul For the second week in a row, mortgage rates dropped to a new record low. This morning, Freddie Mac reported 3.31 percent with an average 0.7 point as the average on a 30-year fixed-rate mortgage. From Freddie Mac vice president and chief economist Frank Nothaft:
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Mortgage rates hit a new record low as economic volatility on Wall Street pushed rates down to hit a new average of 4.15% on a 30-year fixed rate mortgage, according to Freddie Mac. The rate is lower than 4.17% last November, which ushered in a wave of home buying and refinancing activity.
The fixed 15-year rate loan also saw a drop to an average of 3.54%, a new historical low for the mortgage down from last week when it was at 3.66%. The 5-year Treasury indexed hybrid adjustable rate mortgage hit an average of 3.18% for the week, down from 3.25% last week to also hit a new record low.
As of October 2, 2019, mortgage rates for 30-year fixed mortgages fell over the past week, with the rate borrowers were quoted on Zillow at 3.62%, down five basis points from September 25.
NEW YORK, Dec 3 (Reuters) – U.S. mortgage rates dropped to a record low, smashing through a previous record set earlier this year, a closely watched mortgage survey showed Thursday.
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Mortgage Rates Drop to Another Record Low. Freddie Mac’s Primary Mortgage Market Survey (PMMS) indicates average 30 year fixed rate mortgages dropped to 4.58 percent with 0.7 points. This is a decline from last week’s 4.69 percent and well below this time last year when average 30 year fixed rate mortgages were 5.32 percent.
Washington – Mortgage rates have sunk to the lowest level in more than five decades, but consumers aren’t rushing to refinance their loans or buy homes. Mortgage company Freddie Mac said Thursday the average rate for 30-year fixed loans sank to 4.58 percent this week. That’s down from the previous record of 4.69 percent set [.]