BAP Blog Freddie Mac Reports Mortgage rates hit record lows

In its weekly survey Freddie Mac reports that Mortgage rates have plunged to all-time lows amid concerns the economy is stalling again. Lenders were offering the 30-year fixed-rate home loan at an average rate of 4.12% this week, down from 4.22% last week, Freddie Mac said Thursday. The 15-year fixed loan was at 3.33%, down from 3.39%. Both these rates set records in the survey by the giant mortgage finance company. Borrowers would have paid an average of 0.7% of the loan amount in upfront lender fees and points on the 30-year loan and 0.6% on the 15-year loan. The survey also found that Adjustable-rate loans set records or tied previous lows as well. The rate on the 30-year fixed loan had bumped above 5% last February before slowly grinding lower. It has now been below 4.5% for six straight weeks, setting a previous low record of 4.15% in the Aug. 18 survey. (Freddie Mac began tracking the 30-year loan in 1971.)