Mortgage Rates Sink to Record Lows Again For The Week Ending December 16, 2011
Freddie Mac reports that fixed mortgage rates dropped even more this week, continuing the trend in reaching new record lows this year. This week, the Federal Reserve met and reaffirmed its commitment to keep interest rates low for the next two years.
Listed below is a closer look at how interest rates are doing:
30-Year Fixed-Rate Mortgage:
The 30 Year Fixed Rate Mortgage averaged 3.94 percent last week. This time last year, the 30-Year Fixed Rate Mortgage averaged 4.83 percent.
15-Year Fixed-Rate Mortgage:
The 15-Year Fixed Rate Mortgage averaged 3.21 percent. This time last year, the 15-Year Fixed Rate Mortgage averaged 4.17 percent.
5-Year Adjustable Rate Mortgage:
The 5-Year Adjustable Rate Mortgage averaged 2.86 percent. This time last year, the 5-Year Adjustable Rate Mortgage averaged 3.77 percent.
1-Year Adjustable Rate Mortgage:
The 1-Year Adjustable Rate Mortgage averaged 2.81 percent. This time last year, the 1-Year Adjustable Rate Mortgage averaged 3.35 percent.