Mortgage rates continue to set new lows

mortgagerates

Rates on conforming, 30-year, fixed-rated mortgages (FRM) averaged 3.91 percent, with an average 0.7 point, the week ending Dec. 22, 2011, a new all-time low, down from the last week’s record low 3.94 percent.

According Freddie Mac’s weekly Primary Mortgage Market Survey the 30-year FRM was 4.81 percent last year at this time.

The average rate on the 15-year fixed rate mortgage matched last week’s record low at 3.21 percent with an average 0.8 point. The rate was 4.15 percent a year ago.

Freddie Mac said rates on adjustable rate mortgages (ARM) also hit new all-time lows in this week’s survey.

Also at a new record low, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.85 percent this week, with an average 0.6 point, down from last week’s average and previous record low, 2.86 percent. The 5-year ARM averaged 3.75 percent a year ago.

Finally, for the week ending Dec. 22, Freddie Mac reported the 1-year Treasury-indexed ARM averaged a record low 2.77 percent, with an average 0.6 point, down from 2.81 percent last week and 3.40 percent last year at this time.

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