Mortgage rates dip below 4% — again

by KERRY CURRY

Fixed-rate mortgages rates were largely unchanged and near record lows, according to Freddie Mac and Bankrate mortgage surveys.

The 30-year fixed dipped to 3.99% for the week ending Dec. 8 with an average 0.7 point, and at 3.27%, the 15-year, fixed-rate mortgage with an average 0.8 point, was just slightly above its all-time low of 3.26%, which it hit on Oct. 6, according to Freddie Mac.

The 30-year FRM dipped from last week when it averaged 4%. Last year at this time, the 30-year FRM averaged 4.61%, the GSE said.

The 15-year FRM is down from last week's 3.3%. A year ago it averaged 3.96%.

Freddie said the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.93%, up from last week's 2.9% but down from 3% a year ago.

The 1-year Treasury-indexed ARM averaged 2.8%, up from last week's 2.78% but down from 3.27% a year ago.

"These low rates and home prices have pushed housing affordability to record highs this year," said Frank Nothaft, vice president and chief economist at Freddie Mac.

Bankrate reported that the benchmark 30-year, fixed-rate mortgage fell 1 basis point this week to 4.24%, according to its survey of large lenders.

Mortgages in the survey had an average total of 0.36 discount and origination points. One year ago, the mortgage index was 4.89%.

The benchmark 15-year, fixed-rate mortgage was 3.48%, unchanged from last week. The 5/1 adjustable-rate mortgage fell 3 basis points, to 3.18%.

URL to original article: http://www.housingwire.com/2011/12/08/mortgage-rates-dip-below-4-%E2%80%94-again

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