Record Low Mortgage Rates

Mortgage rates, nearly across the board, reached record lows again for the week ending Sept. 23.

The Freddie Mac weekly survey showed the average 30-year fixed-rate mortgage reached 4.32% with an average 0.8 point, down to its all-time low from 4.37% last week. Last year, at this time, the 30-year FRM averaged 62 basis points higher.

The 15-year FRM reached a new record low at 3.75% with an average 0.7 point, down from 3.82% last week and 4.36% a year ago.

[…] The weekly Bankrate survey of large banks and thrifts showed the average 30-year FRM at 4.5%, unchanged from last week. New record lows came for the 15-year FRM, which fell 2 [basis points] to 3.94%, and the 30-year FRM jumbo loan that dropped to 5.16%.

*Source: Housingwire.com

According to Freddie Mac, lenders are offering 30-year fixed loans at less than 4.5% this week and 15-year loans at less than 4%.

Reporting a seventh straight week of declines, Freddie Mac said the 30-year rate averaged 4.49% for the week ending Thursday, down from 4.54% last week and 5.22% a year earlier. On home loans with rates fixed for 15 years, the interest rate averaged 3.95%, down from an even 4% a week earlier and 4.63% a year earlier.

Freddie Mac asks lenders about the rates they are offering on mortgages up to $417,000 to borrowers who are good credit risks. The borrowers would have paid 0.7% of the loan balance to the lenders in upfront fees and points, Freddie said.

In addition, solid borrowers who shop around often find slightly better rates than those published in the survey.

*Sources: LA Times, Housing Wire