Having moderated around 2.9 percent since early September, the average rate for a benchmark 30-year mortgage inched down 6 basis points over the past week to a new all-time low of 2.81 percent, which is 88 basis points below its mark at the same time last year and 5 basis points below its previous all-time low rate of 2.86 percent was set five weeks ago, according to Freddie Mac’s Mortgage Market Survey data.
At the same time, the average rate for a 15-year fixed mortgage has inched down to 2.35 percent, which is 80 basis points below its mark at the same time last year and equal to the all-time low it hit four weeks ago, while the average rate for a 5-year adjustable is holding around 2.90 percent, which is 45 basis points below its mark at the same time last year but 34 basis points above its all-time low of 2.56 percent in May of 2013.
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October 16, 2020 at 01:39AM
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Benchmark Mortgage Rate Drops to a New All-Time Low - SocketSite
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