OriginationNews tells MHProNews the average 30-year mortgage rate dropped to a new record low, 3.31% in Freddie Mac’s weekly survey. During the week ending Nov. 21 the 15-year mortgage rate also set a record, dropping to 2.63% from 2.65% the previous week. Shorter-term rates moved little or none, as the five-year hybrid remained at 2.74%, and the one year Treasury-indexed ARM (adjustable rate mortgage) rose one basis point to 2.56%. By comparison, a year ago the 30-year fixed mortgage was 3.98%, the 15-year mortgage hit 3.3%, five-year Treasury hybrids were 3.91%, and the one-year Treasury ARMs were 2.79%.
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