30-year mortgage at record low 4.01% (by Ruth Mantell)
WASHINGTON (MarketWatch) -- The average rate on the 30-year fixed-rate mortgage fell to a record low of 4.01% in the week ending Sept. 29 - these data go back to 1971 - from 4.09% in the prior week, Freddie Mac reported Thursday. "Fixed mortgage rates fell to all-time record lows this week following the Federal Reserve's announcement of its Maturity Extension Program and additional purchases of mortgage-backed securities," said Frank Nothaft, Freddie Mac's chief economist, in a statement. By the five regions in Freddie Mac's data, the rate hit 3.95% in the West, 4.01% in the Northeast, 4.02% in the North Central area, 4.08% in the Southwest, and 4.09% in the Southeast. A year ago, the overall 30-year rate was at 4.32%, according to the buyer of residential mortgages. The average rate on the 15-year fixed-rate mortgage also hit a record low in the most recent week, ticking down to 3.28% from 3.29% in the prior week. These data go back to 1991. The 5-year Treasury-indexed hybrid adjustable-rate mortgage remained at 3.02%, while the 1-year Treasury-indexed ARM ticked higher to 2.83% from 2.82%.