Freddie Mac’s official release last week shows mortgage rates holding steady. The 30-year fixed rate mortgage averaged 3.98% (with an average 0.7 points) which is down fractionally from 3.99% the week prior and still substantially lower than this time last year when the FRM averaged 4.87%. The 15-year FRM settled at 3.21% (0.7 points) on average, while 5-year ARMs were at 2.86% (0.8 points on average). Financing is still exceptionally cheap and as we begun a slow recovery these rates will continue to help bolster sales.
