New York, NY, United States (AHN) – Mortgage rates were down slightly this past week, approaching, but not quite hitting, the lowest mortgage rates on record.
Adjustable-rate mortgages (ARMs), did reach new record lows. The initial interest rate on a five-year Treasury-indexed ARM dropped to 2.91 percent, Freddie Mac reported. That was lower than last week’s 2.97 percent, and it breaks the previous record low of 2.96 percent for five-year ARMs, set during the week of Oct. 6.
Average rates on a 30-year fixed rate mortgage dipped to 3.98 percent, down from 4 percent. The average rate for the 15-year fixed home loan slipped to 3.30 percent, down from 3.31. Both are just a hair–0.04 percentage points–above their respective all-time lows, according to Freddie Mac, also set on Oct. 6.
Mortgage rates have shown little change over the past four weeks. Loan demand has been lackluster and refinancing dropped an average of 1.39 percent over the previous four weeks, the Mortgage Bankers Association reported.
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