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30- 15-year mortgages remain at record lows
WASHINGTON (10/7/11)--Average rates on 30- and 15-year fixed rate mortgages fell to all-time lows for the second straight week, totaling 3.94% and 3.26%, respectively, Freddie Mac reported. Thirty-year mortgages averaged 4.01% last week and 4.27% this time last year. Fifteen-year mortgages averaged 3.28% last week and 3.72% this time last year. Freddie Mac Chief Economist Frank Nothaft said these record low mortgage rates are due to a “sharp drop in 10-year Treasuries early in the week as concerns over a global recession grew.” Five-year Treasury indexed hybrid adjustable-rate mortgages (ARMs) also fell during the week, averaging 2.96%. Last week’s total as 3.02%. However, one-year Treasury-indexed ARMs averaged 2.95% this week, up from the 2.83% total reported last week. Nothaft said the one-year ARM increase was tied to the Federal Reserve’s move to replace $400 billion in short-term Treasury securities. These securities serve as benchmarks for many ARMs, Nothaft said. For the full release, use the resource link.
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