Mortgage Rates Drop to 3-Year Lows

February 8, 2020 Loans & Mortgages 0

Fears of an economic slowdown resulting from the global spread of the coronavirus helped push down mortgage rates to 3-year lows.

According to the Freddie Mac Weekly Primary Mortgage Market Survey, mortgage rates dropped for the fifth time in six week:

  • 30-Year Fixed Mortgage (FRM): Averaged 3.45 percent, up from last week when it averaged 3.51 percent. A year ago at this time, the 30-year FRM averaged 4.41 percent.
  • 15-Year Fixed Mortgage: Averaged 2.97 percent, up from last week when it averaged 3.0 percent. A year ago at this time, the 15-year FRM averaged 3.84 percent.
  • 5-Year Adjustable-Rate Mortgage (ARM): Averaged 3.32 percent, slightly down from last week when it averaged 3.4 percent. A year ago at this time, the 5-year ARM averaged 3.91 percent.