Average 30-Year Fixed Rate Mortgage Sinks to 4.15 Percent

August 18, 2011

Mortgage rates, fixed and adjustable, reached all-time record lows providing further incentive for those homeowners looking to refinance.

According to the latest Freddie Mac Primary Mortgage Market Survey, the 30-year fixed averaged (FRM) 4.15 percent with 0.7 point, breaking the previous record low of 4.17 percent set Nov. 11, 2010.

Last week, the 30-year FRM averaged 4.32 percent. Last year at this time, the 30-year FRM averaged 4.42 percent.

"Not surprising, many homeowners took advantage of this low mortgage rate environment and have already refinanced their loans,” said Frank Nothaft, Freddie Mac’s vice president and chief economist. “The refinance share of applications averaged nearly 70 percent of all mortgage activity in the first half of this year, according to our survey. In addition, an increasing share of refinancing borrowers chose to shorten their loan terms during the second quarter.”

Meanwhile, the 15-year FRM averaged 3.36 percent with an average 0.6 point, down from last week when it averaged 3.50 percent. A year ago at this time, the 15-year FRM averaged 3.90 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.08 percent this week, with an average 0.5 point, down from last week when it averaged 3.13 percent. A year ago, the 5-year ARM averaged 3.56 percent.

The 1-year Treasury-indexed ARM averaged 2.86 percent this week with an average 0.6 point, down from last week when it averaged 2.89 percent. At this time last year, the 1-year ARM averaged 3.53 percent.


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