Mortgage Rates Sink to Record Lows Again

Fixed mortgage rates dropped even more this week, continuing the trend in reaching new record lows this year, Freddie Mac reports in its weekly mortgage market survey. The 30-year fixed-rate mortgage averaged 3.94 percent this week while 15-year rates sank to 3.21 percent--both all-time lows from their previous record lows set on Oct. 6. The 5-year adjustable-rate mortgage also set a new record this week. 

The Federal Reserve at a meeting this week reaffirmed its commitment from this summer that it would keep interest rates low for the next two years.

Here’s a closer look at rates for the week ending Dec. 15.

• 30-year fixed-rate mortgages: averaged 3.94 percent--a new record low--with an average 0.8 point, dropping from last week’s 3.99 percent average. A year ago, 30-year rates averaged 4.83 percent.
• 15-year fixed-rate mortgages: averaged 3.21 percent--also a new record low--with an average 0.8 points, a drop from last week’s 3.27 percent average. Last year at this time, 15-year rates averaged 4.17 percent. 
• 5-year adjustable-rate mortgages: averaged 2.86 percent this week, with an average 0.6 point, dropping from last week’s 2.93 percent average. Last year at this time, 5-year ARMs averaged 3.77 percent. 
• 1-year ARMs: averaged 2.81 percent with an average 0.6 point, inching up slightly from last week’s 2.80 percent average. Last year at this time, 1-year ARMs averaged 3.35 percent. 

Source: Freddie Mac