15-Year Fixed-Rate Mortgage Hits New All-Time Record Low

April 12, 2012

The average fixed mortgage rates declining for the third consecutive week on the heels of a weaker than expected employment report as the 30-year fixed averaged just above its record low while the 15-year fixed averaged a new all-time record low, according to Freddie Mac’s Primary Mortgage Market Survey.

The 30-year fixed-rate mortgage (FRM) averaged 3.88 percent with an average 0.7 point for the week ending April 12, down from last week when it averaged 3.98 percent. Last year at this time, the 30-year FRM averaged 4.91 percent.

Meanwhile, the 15-year FRM this week averaged 3.11 percent with an average 0.7 point, down from last week when it averaged 3.21 percent. A year ago at this time, the 15-year FRM averaged 4.13 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.85 percent this week, with an average 0.7 point, down from last week when it averaged 2.86 percent. A year ago, the 5-year ARM averaged 3.78 percent.

The 1-year Treasury-indexed ARM averaged 2.80 percent this week with an average 0.6 point, up from last week when it averaged 2.78 percent. At this time last year, the 1-year ARM averaged 3.25 percent.