Mortgage Rates Hit Lowest Point In 50-Year History

gold houseAccording to Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage in the U.S. averaged the lowest rate in our survey's history which dates back to 1971.

"The average 30-year fixed-rate mortgage hit a record 3.29 percent this week, the lowest level in its nearly 50-year history. Meanwhile, mortgage applications increased 10 percent last week from one year ago and show no signs of slowing down," said Sam Khater, Freddie Mac's Chief Economist. "Given these strong indicators in rates and sales, as well as recent increases in new construction, it's clear the housing market continues to be a positive force for the broader economy."

  • 30-year fixed-rate mortgage averaged 3.29 percent with an average 0.7 point for the week ending March 5, 2020, down from last week when it averaged 3.45 percent. A year ago at this time, the 30-year FRM averaged 4.41 percent.
  • 15-year fixed-rate mortgage averaged 2.79 percent with an average 0.7 point, down from last week when it averaged 2.95 percent. A year ago at this time, the 15-year FRM averaged 3.83 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.18 percent with an average 0.2 point, down from last week when it averaged 3.20 percent. A year ago at this time, the 5-year ARM averaged 3.87 percent.

Source

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