logo
Plus   Neg
Share
Email

Mortgage Rates Plunge

Mortgage rates, or interest rates on home loans, slipped to second lowest level in three years, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 3.51 percent for the week ending January 30, 2019, down from 3.60 last week. A year ago at this time, the average rate was 4.46 percent.

The 15-year FRM this week averaged 3.00 percent, down from 3.04 percent last week. A year ago at this time, the 15-year FRM averaged 3.89 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.24 percent, down from 3.28 percent last week. It was 3.96 percent a year ago.

"This week's mortgage rates were the second lowest in three years, supporting homebuyer demand and leading to higher refinancing activity," said Sam Khater, Freddie Mac's Chief Economist. "Borrowers who take advantage of these low rates can improve their cash flow by lowering their monthly mortgage payments, giving them more money to spend or save."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Tesla said it will produce ventilators at its Gigafactory in Buffalo, New York to support the city's hospitals amid the coronavirus pandemic. New York is the worst affected state in the U.S. Last Saturday, Musk tweeted that he "had a long engineering discussion with Medtronic about state-of-the-art ventilators. Luxury fashion house Ralph Lauren will donate $10 million to help fight the coronavirus pandemic and manufacture face masks as well as medical gowns in the U.S. The company's charity arm, the Ralph Lauren Corporate Foundation, said in a statement that it is committing $10 million towards the global response to the COVID-19 pandemic. General Motors Co. is delaying work on new vehicle models and is cutting pay for its executives as part of efforts to conserve cash amid the coronavirus or Covid-19 pandemic. The automotive giant also extended the shutdown of North American plants indefinitely. Multiple reports cited an internal memo that salaried workforce will have 20 percent of pay deferred starting April 1.
RELATED NEWS
Follow RTT
>