The 30-year, fixed-rate mortgage hit lows not seen in five decades last week as the Federal Reserve committed to keeping the federal funds rate low through 2013, according to the Freddie Mac Primary Mortgage Market Survey.
At 4.15 percent, the 30-year, fixed-rate mortgage was at its lowest in five decades, dropping from 4.32 percent a week earlier and 4.42 percent last year.
Meanwhile, the 15-year, FRM hit 3.36 percent, down from 3.50 percent a week earlier and 3.90 percent last year. In addition, the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.08 percent last week, down from 3.13 percent a week earlier and 3.56 percent a year ago, while the one-year Treasury-indexed ARM averaged 2.86 percent, down from 2.89 percent the prior week and 3.53 percent last year.
Reprinted from C.A.R. Newsline
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