Low Mortgage Rates Continue
Minneapolis, MN: Week over week mortgage rates continue to remain at or near historic lows, offering home buyers and mortgage owners interested in refinancing a chance to get amazing interest rates on their home loans.
According to the weekly survey by Freddie Mac, 30-year fixed rate mortgages have reached an average of 3.53% this week, a 0.03% decline under last week’s 3.56% average, and almost a full percent drop from this time last year’s rate, which was 4.52%. Meanwhile, 15-year fixed rate mortgages also dropped, reaching an average of 2.83% under last week’s 2.86% average, and well below last year’s average at this time which was 3.66%.
Treasury-indexed hybrid 5-year adjustable rate mortgages averages 2.69% under last week’s average of 2.74% and below last year’s average at this time which was 3.27%. 1-year treasury-indexed adjustable rate mortgages are at 2.69%, under last year’s average rate of 2.97%.
Vice president and chief economist for Freddie Mac, Frank Nothaft made a statement about the continued drop in mortgage interest rates, indicating a correlation between U.S. Treasury bond yields staying “in check” by the Federal Reserve’s “Operation Twist.”
Freddie Mac’s survey is the average of loans bought from lenders last week, including discount points. Follow this link to view today’s MN and WI mortgage interest rates.