WASHINGTON – Mortgage rates dropped to new lows after the latest round of gloomy economic data hurt Treasury yields, according to Freddie Mac’s weekly survey of mortgage rates.
The average for the benchmark 30-year, fixed-rate loan declined from 4.49% last week to 4.39% this week; while the average for the 15-year loan dropped from 3.66% to 3.54% – its lowest on record.
ARM rates also moved lower, with the average for the five-year ARM falling from 3.25% to 3.18%; and the average for the one-year ARM plunging all the way from 3.25% last week to just 3.02% this week.
