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Mortgage rates remain historically low

The 30-year, fixed-rate mortgage rate has yet again hit a new low, 3.88%, last week and continuing a trend of remaining under 4% for the seventh week in a row.

The week prior, the rate was 3.89%, with last year's rate being 4.74%.

Also, we saw 15-year FRMs reach 3.17%, slightly upward from 3.16% from the week earlier, but down from 4.05% of last year. Also, the 5-year Treasury-indexed hybrid adjustable-rate mortgage average 2.82%, compared to 3.69% of last year.

The 1-year, Treasury-indexed ARM reached 2.74%, down from 2.76% of last week and 3.25% of last year.

Mortgage rates have remained rather unchanged from the previous week due to mixed economic reports and studies showing uncertainty over consumer sentiment and the broader economy, stated Frank Nothaft, vice president and chief economist for Freddie Mac.

Bankrate also reported the 30-year FRM remained unchanged at 4.18%, while the 15-year FRM ticked up to 3.39% from 3.38%. The 5/1 ARM also jumped up to 3.06% from 3.04% of last week.

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