Mortgage Rates Fall to Record Low
Associated Press
The average interest rate on a 30-year fixed-rate mortgage dropped to 6.22% this week, the lowest level in 32 years of record keeping, Freddie Mac said. This week’s rate surpassed the previous low of 6.31% set last week.
The average interest rate on 15-year mortgages, a popular option for refinancing, fell to 5.63% this week, the lowest level since Freddie Mac began tracking these rates in August 1991. Last week’s rate was 5.69%.
On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 4.39%, up slightly from 4.37% the previous week. Last year at this time, one-year ARMs averaged 5.71%.
