Record Lows For Mortgages: 15-Year Rates Fall Below 5-Year ARM

by Categorized: Banks, Personal Finance Date:

Mortgage rates hit a record low nationally for the second consecutive week, with 15-year rates now standing below five-year adjustables, according to figures released Thursday by Freddie Mac.
The 15-year rates were at 2.69, below the ARM’s average 2.72. The 30-year rates, at 3.36, were down from the previous week’s 3.40.
Frank Nothaft, Freddie Mac’s vice president and chief economist, attributed the lower rates to “mortgage security purchases by the Federal Reserve and indicators of a weakening economy.”

Here are New England’s numbers:

This week:
30-year: 3.39 percent
15-year: 2.71 percent

Last week:
30-year: 3.42 percent
15-year: 2.75 percent

A year ago
30-year: 3.92 percent
15-year: 3.27 percent

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One thought on “Record Lows For Mortgages: 15-Year Rates Fall Below 5-Year ARM

  1. Wayne Velásquez

    I’ve recently started looking into re-financing my home. I’ve contacted several lenders to shop around for the best rate. I have two concerns. One, we’re constantly being admonished to protect our account numbers and especially our Social Security number, but every one of the lenders with whom I’ve spoken wants to know that number. My concern is that I have no idea how well protected that personal information is. Are they selling it to marketers? Is the database safe from hackers? It’s as if there are two mutually exclusive goals; protect your identity, give out your Social Security number to just about anyone. And, if my identity is compromised due to “their” lax systems, I’m the one who has to spend the time and money to get my credit back in line. “They” get off. It’s not right.
    Secondly, back to the Lenders, I have no way of knowing how legitimate they are. Clearly, some are better than others with whom to do business, but how do I know which ones? Is there not a “Consumer Reports” for housing lenders? Thanks for your time.

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