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Mortgage rates at 59-year low
WASHINGTON, -- Average interest rates for 30-year fixed-rate mortgages hit 59-year lows this week, the U.S. Federal Home Loan Mortgage Corp. said Thursday.
Average interest rates for fixed-rate 30-year contracts fell to 4.19 percent with 0.8 points, Freddie Mac said. They have remained under 5 percent for 23 consecutive weeks and have not been this low since April 1951, the mortgage broker said.
Rates on 15-year fixed-rate contracts fell to a record low of 3.62 percent with 0.7 points, down from 3.72 percent a week ago. For five-year adjustable-rate mortgages, the average interest rate tied last week's record low of 3.47 percent with 0.6 points, Freddie Mac said.
Freddie Mac Vice President and Chief Economist Frank Nothaft said the sluggish economy was pressing on mortgage rates. "September's employment report held no big surprises," he said.
"Historically low rates have spurred yet another refinancing wave. Conventional mortgage applications for refinance jumped 24 percent over the week of Oct. 8 to the strongest pace since mid-April 2009," he added.
WASHINGTON, -- Average interest rates for 30-year fixed-rate mortgages hit 59-year lows this week, the U.S. Federal Home Loan Mortgage Corp. said Thursday.
Average interest rates for fixed-rate 30-year contracts fell to 4.19 percent with 0.8 points, Freddie Mac said. They have remained under 5 percent for 23 consecutive weeks and have not been this low since April 1951, the mortgage broker said.
Rates on 15-year fixed-rate contracts fell to a record low of 3.62 percent with 0.7 points, down from 3.72 percent a week ago. For five-year adjustable-rate mortgages, the average interest rate tied last week's record low of 3.47 percent with 0.6 points, Freddie Mac said.
Freddie Mac Vice President and Chief Economist Frank Nothaft said the sluggish economy was pressing on mortgage rates. "September's employment report held no big surprises," he said.
"Historically low rates have spurred yet another refinancing wave. Conventional mortgage applications for refinance jumped 24 percent over the week of Oct. 8 to the strongest pace since mid-April 2009," he added.