Freddie Reports Mortgage Rates Hit 4.78%, the Lowest for 2010

Housing and Money (2)

Freddie Mac's (NYSE:FRE) weekly survey of mortgage rates gives would-be and existing home owners reason to jump for joy.  The 30-year fixed-rate mortgage averaged 4.78% for the week ended Thursday, down from the prior week's 4.84% average and 4.91% a year earlier. The past week's average was the lowest since December 2009.

Rates on 15-year fixed-rate mortgages fell to 4.21%—hitting a fresh low since Freddie started keeping track of that type of loan in 1991—compared with 4.24% a week earlier and 4.53% last year.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.97%, up from 3.91% a week earlier—when the figure hit the lowest level since Freddie started keeping score in 2005—but down from 4.82% on year.

One-year Treasury-indexed ARMs hit a fresh 5 1/2-year low of 3.95%, down from 4% and 4.69%, respectively.

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