Adjustable mortgage rates hit records lows in the latest week, as fixed mortgage rates declined and remained close to record lows, Freddie Mac said Wednesday.
The average rate on the 5-year Treasury-indexed hybrid adjustable-rate mortgage fell to a record low of 2.91% in the week ended Nov. 23 - the data go back to 2005 - from 2.97% in the prior week.
A year ago the rate was at 3.45%, according to the buyer of residential mortgages.
To obtain the latest rate, payment of an average 0.6 point was required.
A point is 1% of the mortgage amount, charged in prepaid interest.
The 1-year Treasury-indexed ARM also decreased to a record low, reaching 2.79% in the latest week, down from 2.98%.
These data go back to 1984.
Meanwhile the average rate on the 30-year fixed-rate mortgage declined to 3.98% from 4.00%, and the average rate on the 15-year fixed-rate mortgage ticked lower to 3.30% from 3.31%.
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