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15-year fixed ARMs reach record lows
WASHINGTON (8/12/11)—Average rates on 15-year fixed, five-year adjustable- and one-year adjustable-rate mortgages (ARM) all fell to all-time lows this week as economic issues and worldwide stock market troubles ruled the news, Freddie Mac reported. Fifteen-year fixed mortgage rates averaged 3.5%, while five-year ARMs averaged 3.13% and one-year ARMs averaged 2.89%. Thirty-year mortgage rates reached their lowest point this year, averaging 4.32%. Last year at this time, 30-year mortgages averaged 4.44%, and 15-year mortgages averaged 3.92%. Five-year ARMs averaged 3.56% this time last year, and one-year Treasury-indexed ARMs averaged 3.53% at that time. Freddie Mac Chief Economist Frank Nothaft said that developments in European debt markets, as well as the Federal Reserve’s decision to hold interest rates at between 0% and 0.25% and keep the rate at "exceptionally low levels" at least through mid-2013, were among the many factors leading to lowered rates. Nothaft said that the lower mortgage rates “will help to maintain the high degree of home-buyer affordability in the market.” For the full release, use the resource link.
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