The 30-year fixed averaged an all-time record low at 4.01 percent and the 15-year fixed averaged an all-time record low at 3.28 percent this week according to Freddie Mac. Of the five regions surveyed in Freddie Mac’s survey, the West region recorded the lowest average rate for the 30-year fixed dipping below 4.00 percent to 3.95 percent.

  • 30-year fixed averaged 4.01. Last week it averaged 4.09 percent. Last year at this time, it averaged 4.32 percent.
  • 15-year FRM this week averaged 3.28 percent with an average 0.7 point, down from last week when it averaged 3.29 percent. A year ago at this time, the 15-year FRM averaged 3.75 percent.
  • The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.02 percent, with an average 0.6 point, same as last week. A year ago, the 5-year ARM averaged 3.52 percent.
  • 1-year Treasury-indexed ARM averaged 2.83 percent with an average 0.6 point, up from last week when it averaged 2.82 percent. A year ago, the 1-year ARM averaged 3.48 percent.

Frank Nothaft, vice president and chief economist at Freddie Mac, says, “Fixed mortgage rates fell to all-time record lows this week following the Federal Reserve’s announcement of its Maturity Extension Program and additional purchases of mortgage-backed securities. Interest rates for ARMs, however, were nearly unchanged as the Federal Reserve plans to sell $400 billion in short-term Treasury securities, which serve as benchmarks for many ARMs.”

“Meanwhile, the spring and summer home-buying season gave a boost to a number of house price indexes. The Federal Housing Finance Agency reported that its National index (not seasonally adjusted) rose for the fourth consecutive month in July. Similarly, the S&P/Case-Shiller® 20-City composite index, which has a broader scope of properties, rose 0.9 percent between June and July with 17 of the cities experiencing positive monthly growth. Finally, CoreLogic® reported that its index, excluding distressed sales, increased at a 1.7 percent monthly rate for the same month.”