Federal home mortgage provider Freddie Mac came out with its weekly mortgage rate report this morning, showing no change from last week in the cost of 15- and 30-year fixed-rate mortgages, which average 2.77% and 3.53%, respectively.
Both numbers are within reach of their all-time lows seen in November and December of last year, when the rate on a 30-year fixed-rate mortgage averaged just 3.35% while a 15-year fixed-rate mortgage went for 2.66%.
In the most recent report, one-year ARMs clocked in at 2.61%, up from 2.53% the previous week, while 5/1 ARMs tallied at 2.64%, up from 2.63% the previous week.
Mortgages have become more affordable than they were just a year ago, when for the week ended Feb. 16, 2012, 30-year mortgages were 34 basis points higher than they are now, while 15-year mortgages were 39 basis points above current levels. Today's low rates bode well for a recovering housing market, as well as for current homeowners looking to refinance their existing mortgage.
Frank Nothaft, vice president and chief economist at Freddie Mac, was quoted in a statement as saying, "Mortgage rates remain near record lows and continue to support housing demand, translating into a pick-up in home prices in most markets."
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.