Mortgage Rates Hit 50-Year Low

dollar signThe 30-year fixed rate mortgage rate dropped to 4.15 percent, breaking the previous record low set in November 11, 2010, according to a report just released by Freddie Mac.

That’s down from last week’s 4.32 percent, and the lowest rate in over 50 years.

15-year fixed rate mortgages this week averaged 3.36 percent with an average 0.6 points, down from last week when it averaged 3.50 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.08 percent this week, with an average 0.5 points, down from last week when it averaged 3.13 percent, and 1-year Treasury-indexed ARM averaged 2.86 percent this week with an average 0.6 point, down from last week when it averaged 2.89 percent.

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