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Freddie Mac reports record 15- 5-year mortgage rates
WASHINGTON (8/16/10)--Freddie Mac’s weekly mortgage rate survey recorded a five-year adjustable rate of 3.56% during the week ended Aug. 12, a record low since Freddie Mac began reporting on that rate in 2005. That five year rate averaged down from last week when it averaged 3.63 percent. A year ago, the 5-year ARM averaged 4.75 percent. Fifteen year mortgage rates also reached a record low during the week, with a reported average of 3.92%. Freddie Mac Vice President/Chief Economist Frank Nothaft said that these and other low mortgage rates “are helping to heal many battered local housing markets by increasing home-purchase activity.” Thirty-year fixed rate mortgages averaged 4.44% during the week, down from the 5.29% average recorded during the previous year, while one-year Treasury-indexed adjusted rate mortgages averaged 3.53%. For the Freddie Mac release, use the resource link.
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