From Realtor Mag, January 16, 2015:

Borrowing costs got even cheaper for home buyers and refinancers this week, as mortgage rates continued to descend.

The 30-year fixed-rate mortgage averaged 3.66 percent this week, the lowest weekly average since May 23, 2013, Freddie Mac reports in its weekly mortgage market survey. What’s more, the 15-year fixed-rate mortgage dropped below 3 percent, also for the first time since May 2013.

Freddie Mac Reports:

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.66 percent with an average 0.6 point for the week ending January 15, 2014, down from last week when it averaged 3.73 percent. A year ago at this time, the 30-year FRM averaged 4.41 percent.
  • 15-year FRM this week averaged 2.98 percent with an average 0.5 point, down from last week when it averaged 3.05 percent. A year ago at this time, the 15-year FRM averaged 3.45 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.90 percent this week with an average 0.4 point, down from last week when it averaged 2.98 percent. A year ago, the 5-year ARM averaged 3.10 percent.
  • 1-year Treasury-indexed ARM averaged 2.37 percent this week with an average 0.4 point, down from last week when it averaged 2.39 percent. At this time last year, the 1-year ARM averaged 2.56 percent.