Average fixed mortgage rates in the U.S. fell in the latest
week, with the 30-year rate remaining near May 2013 lows, according
to mortgage-finance company Freddie Mac (FMCC).
"Mortgage rates fell for the third consecutive week as oil
prices plummeted and long-term treasury yields continued to drop
despite a strong employment report," Freddie Mac Chief Economist
Frank Nothaft stated Thursday.
For the week ended Thursday, the 30-year fixed-rate mortgage
reached 3.66% on average, the lowest level since late May 2013,
when it was 3.59%. The 30-year rate was 3.73% the previous week and
4.41% a week earlier.
Rates on 15-year fixed-rate mortgages averaged 2.98%, marking
the first time they have fallen below 3% since May 2013. A week
earlier, the 15-year rate averaged 3.05%, compared with 3.45% a
year earlier.
Five-year Treasury-indexed hybrid adjustable-rate mortgages, or
ARMs, on average, was at 2.9%, compared with 2.98% the previous
week and 3.1% a year earlier. One-year Treasury-indexed ARM rates
on average were 2.37%, from 2.39% the previous week and 2.56% a
year earlier.
Write to Tess Stynes at tess.stynes@wsj.com
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