Freddie Mac's deputy Chief economist states that this is the ninth week in a row that fixed rate mortgages have met or set a new record low. Rates on fixed rate home mortgages dropped this week, according to Freddie Mac's weekly survey of conforming mortgage rates.
The 30-year fixed-rate mortgage averaged 4.42% for the week ended Aug. 19, the lowest since Freddie started tracking the rate in 1971.
The 30-year mortgage averaged 4.44% last week and 5.12% a year ago, according to the survey.
Fifteen year fixed rate mortgages averaged 3.9% this week, down from 3.92% last week and 4.56% a year ago. This week's average is also the lowest since Freddie Mac began tracking it in 1991.
Five-year Treasury indexed hybrid adjustable rate mortgages averaged 3.56%, unchanged from last week and down from 4.57% a year ago.
One year Treasury indexed ARMs averaged 3.53%, unchanged from last week and down from 4.69% a year ago.
To obtain the rates, the 30 year fixed rate mortgage and the one year ARM required payment of an average 0.7 point. The 15 year fixed rate mortgage and the five year ARM required an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest.
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