Mortgage Rates Again At Or Near Record Lows
The average for 15-year, fixed-rate residential mortgages — a popular option for refinancing — hit another all-time low this week and 30-year, fixed-rate home loansmatched a record low.
Fifteen-year, fixed rate home mortgages averaged 3.21 percent with an average 0.8 point this week, down from 3.27 percent a week ago, according to the weekly survey by mortgage giant Freddie Mac. The previous low of 3.26 percent was set the week of Oct. 6. A year ago, 15-year, fixed mortages averaged 4.17 percent.
The average for 30-year, fixed residential mortgages averaged 3.94 percent, with an average 0.8 point — matching the previous record low also reached the week of Oct. 6 — down from 3.99 percent a week ago. A year ago, 30-year, fixed home loans averaged 4.83 percent.
The slide in mortgage rates came amid discouraging reports for the housing market, including the Federal Reserve’s observation that the housing market remains depressed and that households nationally lost almost $400 billion in property values in the first nine months of 2011, Freddie Mac said.
In addition, Freddie Mac noted that seriously delinquent mortgages, which are 90 or more days past due, increased slightly between June 30 and Sept. 30 of this year, breaking a six-quarter consecutive decline, according to the Mortgage Bankers Association.
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