The average rate on the 15-year fixed-rate mortgage hit a record low of 2.61% in the week ending April 25, down from 2.64% in the prior week, Freddie Mac said Thursday in its weekly report.
A year ago, the 15-year rate was 3.12%. Meanwhile, the 30-year fixed-rate mortgage ticked down to 3.40% in the latest week from 3.41% in the prior week, nudging closer to a record low of 3.31%.
The average rate on the 5-year Treasury-indexed hybrid adjustable-rate mortgage also hit a record low in the latest week, declining to 2.58% from 2.60% in the prior week. The data on the 5-year mortgage go back to 2005. The 1-year Treasury-indexed ARM ticked down to 2.62% in the latest week from 2.63% in the prior week.