After having said this so many times before, I hope this post doesn't go unnoticed. After falling to record lows several times already this year, Freddie Mac said this morning that mortgage rates hit a new record low - the second one in a row. Here are the basics (these are average rates for the week ending November 21) from Freddie Mac:
- The 30-year fixed-rate mortgage (FRM) averaged 3.31 percent with an average 0.7 point for the week, down from last week when it averaged 3.34 percent. Last year at this time, the 30-year FRM averaged 3.98 percent.
- The 15-year FRM this week averaged 2.63 percent with an average 0.7 point, down from last week when it averaged 2.65 percent. A year ago at this time, the 15-year FRM averaged 3.30 percent.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74 percent this week with an average 0.6 point, the same as last week. A year ago, the 5-year ARM averaged 2.91 percent.
- The 1-year Treasury-indexed ARM averaged 2.56 percent this week with an average 0.5 point, up from last week when it averaged 2.55 percent. At this time last year, the 1-year ARM averaged 2.79 percent.