Mortgage rates remain near record lows (by Ruth Mantell)
WASHINGTON (MarketWatch) -- With weak economic data and investor concerns over European debt, mortgage rates remained near record lows in the week ending Sept. 22, Freddie Mac reported Thursday. The average rate on the 30-year fixed-rate mortgage remained at 4.09% -- these data go back to 1971 -- matching the record low hit in the prior week, according to the buyer of residential mortgages. A year ago, the rate was at 4.37%. "A sluggish economy and investor concerns over the European debt markets left mortgage rates largely unchanged this week," said Frank Nothaft, Freddie Mac's chief economist, in a statement. Meanwhile, the average rate on the 15-year fixed-rate mortgage hit a record low, ticking down to 3.29% from 3.30% in the prior week. These data go back to 1991. The 5-year Treasury-indexed hybrid adjustable-rate mortgage rose to 3.02% from 2.99%, while the 1-year Treasury-indexed ARM inched higher to 2.82% from 2.81%.