Mortgage products tracked by Freddie Mac in its Primary Mortgage Market Survey hit new interest rate lows this week. For the 30-year it was the fourth time in 2009 a new record has been established.
The survey covering the week ended April 2 reported the average interest rate on a 30-year fixed-rate mortgage (FRM) was 4.78 percent compared to the previous record low set last week of 4.85 percent. Fees and points were unchanged at 0.7 point. Freddie Mac has been tracking the 30-year FRM since 1971.
The 15-year FRM dropped to 4.52 percent with 0.7 point. Last week the rate set a historical low at 4.58 percent with 0.7 point. This weeks rate is exactly 1 percent lower than it was during the same week in 2008 and the lowest level reached by the 15-year since Freddie Mac began tracking it in 1991.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.92 percent this week, with an average 0.7 point, down from last week when it averaged a record 4.96 percent also with 0.7 point. The 5-year ARM has never been lower in the life of Freddie Mac's weekly survey, which dates back to 2005 for this product.
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