Washington : US fixed mortgage rates this week dropped to new record lows for the second straight week on the Federal Reserve s mortgage securities buying and weakening economic indicators, showed the Primary Mortgage Market Survey released by Freddie Mac.
The mortgage giant said that 30-year fixed-rate mortgage (FRM) was 3.36 percent in the week ending Oct 4, down from last week s 3.40 percent. Last year at this time, the 30-year FRM was 3.94 percent, reported Xinhua.
The 15-year FRM, a popular choice for those looking to refinance, declined to 2.69 percent from 2.73 percent in the previous week.
A year ago at this time, the 15-year FRM averaged 3.26 percent. However, the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) inched up to 2.72 percent, while the one-year Treasury-indexed ARM was down to 2.57 percent. The US Federal Reserve last month announced a new bond purchase plan of purchasing agency mortgage-backed securities (MBS) at a pace of