The average primary rate for a 15-year fixed-rate mortgage set a new survey-record low during the week ending Sept. 30, according to Freddie Mac.
The average 15-year fixed-rate mortgage rate slid to 3.75%, from 3.82% the previous week, and was down from 4.36% a year ago, while the average 30-year fixed-rate mortgage rate matched its survey-record low of 4.32%, falling from 4.37% the previous week, and 4.94% a year ago. (Freddie Mac has been tracking 30-year mortgage rates since 1971 and 15-year mortgage rates since August 1991.)
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage also dropped during the week ending Sept. 30, falling to 3.52%, from 3.54% the previous week, and 4.42% a year ago.
But the average one-year Treasury ARM rate rose to 3.48%, from 3.46% the week before. However, it was still down considerably from 4.49% a year ago.
Average points were 0.8 for 30-year fixed-rate mortgages, 0.7 for 15-year fixed-rate mortgages and one-year Treasury ARMs, and 0.6 for five-year Treasury hybrids.
Freddie Mac economist Frank Nothaft attributed the drops in rates during the most recent week to declines in indicators of consumer and business confidence.
