30-year, fixed-rate mortgage hits new low

The 30-year, fixed-rate mortgage fell to 3.88% this past week, hitting a new low and marking its seventh consecutive week below 4%, Freddie Mac said Thursday.

That compares to a 30-year FRM of 3.89% a week earlier and 4.74% last year.

Meanwhile, the 15-year FRM hit 3.17%, up from 3.16% the previous week and down from 4.05% last year. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.82%, compared to 3.69% a year ago.

The 1-year, Treasury-indexed ARM hit 2.74%, down from 2.76% last week and 3.25% last year.

Mortgage rates for the most part were unchanged from the previous week due to mixed economic reports that show a level of uncertainty over consumer sentiment and the broader economy, according to Frank Nothaft, vice president and chief economist for Freddie Mac.

Bankrate also reported the 30-year, FRM remained unchanged at 4.18%, while the 15-year, FRM ticked up from 3.38% last week to 3.39%. The 5/1 ARM also rose to 3.06% from 3.04% a week earlier.

READ MORE AT HOUSINGWIRE

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About SanDiegoatHomeTeam
Christian van't Vlie and Ivana Milosevic. Helping sellers and buyers successfully reach their real estate goals while keeping them informed every step of the way, disclosing all known facts and real estate practice procedures so that all involved parties can make well-informed decision. We care and we are at your service.

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