Mortgage Rates Keep Falling To New Lows
WASHINGTON – Mortgage rates fell for a third straight week to their lowest levels in recorded history, even as housing demand continues to slump.
The average for the 30-year, fixed-rate loan dipped to 4.19% this week, from 4.27% last week; while the average for the 15-year, fixed-rate loan slipped to 3.62%, from 3.72%, according to Freddie Mac.
ARM rates held steady, with the average for the five-year ARM unchanged at 3.47% and the average for the one-year ARM inching up to 3.42%, from 3.40% last week.
“September’s employment report held no big surprises to financial markets, allowing long-term bond yields and fixed mortgage rates to continue to ease. As a result, both the 30-year and 15-year fixed mortgage rates hit all-time record lows for the third consecutive week," said Frank Nothaft, chief economist for Freddie Mac.