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Freddie Mac's most recent Primary Mortgage Market Survey showed a new low for the nation's mortgage rates.
For the week ending October 6, the average rate for a 30-year fixed loan sunk from 4.01 percent the week before to 3.94 percent, marking the first time the rate has gone below 4 percent. The rate for a 15-year fixed loan also declined, averaging 3.26 percent, which is down from 3.28 percent the week before and 3.72 percent the previous year.
"Average 30-year conventional fixed mortgage rates fell below 4 percent for the first time in history this week following a sharp drop in 10-year Treasuries early in the week as concerns over a global recession grew," said Freddie Mac vice president and chief economist Frank Nothaft. "Average 15-year fixed rates fell to a record low in the PMMS as well."
The rate for a five-year adjustable-rate mortgage dropped to 2.96 percent from 3.02 percent the week before and 3.47 percent the previous year. However, the average rate for a one-year ARM was up, climbing to 2.95 percent from 2.83 percent the week before.
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