Two popular mortgages fall to new record lows

Three green houses on stacks of coins

Two widely used types of mortgages reached new record lows in our new survey of major lenders.

The average cost of a 15-year, fixed-rate home loan fell to 3.68%, breaking the previous record low of 3.79% reached June 8.

The average introductory rate on a 5/1 ARM, a home loan on which the initial rate remains fixed for the first five years and then changes once a year after that, fell to 3.23%.

That breaks the previous record of 3.34% established the last week of July.

The cost of 30-year fixed loans declined a full two-tenths of a point to the lowest point of the year and just a tenth of a point above the record low set last November.

Our Aug. 3 survey found the average interest rate for a:

30-year, fixed-rate loan fell to 4.54% from 4.74% last week. Last summer, the loans cost a bit more than this year: The early-August survey averaged 4.66%.

15-year, fixed-rate loan dropped to 3.68% from 3.83% the previous week. That’s considerably less than the average cost of 4.11% at this time last year.

30-year, fixed-rate jumbo loan (for mortgages exceeding $417,000 to $729,750, depending on the city) also declined this week, dropping to 5.06% from 5.19% last week. The average rate last year at this time was 5.34%.

Five-year, adjustable-rate loan fell to 3.23% from 3.34%. In 2010, the average rate was higher -- 3.95%.

Our database of rates can help you find the best deals in your area, including many that are less costly than the national averages.

You can use our home loan calculator to determine the monthly payments for the exact amount you want to borrow with this or any home loan.

It will also provide a month-by-month amortization schedule that shows how much you've reduced your debt and how much you still owe.

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