Mortgage rates have hit yet another record low.
Freddie Mac announced Thursday that the 30-year fixed-rate mortgage averaged 2.80 percent for the week, the lowest rate in the history of the Primary Mortgage Market Survey dating back to 1971.
The survey found:
- The 30-year fixed-rate mortgage averaged 2.80 percent with an average 0.6 point for the week ending October 22, down from last week’s 2.81 percent and last year’s 3.75 percent.
- The 15-year fixed-rate mortgage averaged 2.33 percent with an average 0.6 point, down from last week’s 2.35 percent and last year’s 3.18 percent.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.87 percent with an average 0.3 point, down from last week’s 2.90 percent and last year’s 3.40 percent.
“Mortgage rates remain very low, providing homeowners who have not already taken advantage of this environment ample opportunity to do so,” said Sam Khater, Freddie Mac’s Chief Economist. “Mortgage rates today are on average more than a full percentage point lower than rates over the last five years. This means that most low- and moderate-income borrowers who purchased during the last few years stand to benefit by exploring refinancing to lower their monthly payment.”