WASHINGTON – Average fixed mortgage rates fell to new lows over the past week, again, according to Freddie Mac.
The average for the benchmark 30-year, fixed-rate loan dipped to a record low 3.34% this week, from 3.4% last week; while the average for the 15-year mortgage slipped to 2.65%, from 2.69% last week.
The previous low for the 30-year fixed-rate mortgage was 3.36% for the week ended Oct. 4. The prior low for the 15- year fixed rate was 2.66% for the week ended Oct. 18.
ARM rates were mixed, with the average for the one-year ARM also falling to a new low of 2.55%, from 2.59% last week; and the average for the five-year ARM inching up to 2.74%, from 2.73%.
Freddie Mac Chief Economist Frank Nothaft noted the declines as recent economic reports indicated that consumer sentiment rose in November to the highest reading since July 2007 and core producer prices edged down in October.
