Knoxville mortgage rates hit new hit new all time lows AGAIN! Fixed-rate mortgages reached new all-time lows for the 6th week in a row. According to the Freddie Mac weekly mortgage market survey, we are swimming in fresh mortgage rate waters as a 30 year fixed mortgage is below 3.67% and the 15-year fixed-rate mortgage has dipped below 3%.
“Compared to a year ago, rates on 30-year fixed mortgage rates are almost a full percentage point lower, which translates into nearly $1,200 less in annual payments on a $200,000 loan,” says Frank Nothaft, Freddie Mac’s chief economist.
Here’s a closer look at rates for the week ending June 7th.
- 30-year fixed-rate mortgages: averaged a new record low of 3.67 percent, with an average 0.7 point, falling from last week’s previous record low average of 3.75 percent. The rates on 30-year mortgages have been below 4 percent since early December. A year ago at this time, 30-year fixed-rate mortgages averaged 4.49 percent.
- 15-year fixed-rate mortgages: averaged a new record low of 2.94 percent, with an average 0.7 point, dropping from last week’s previous all-time low of 2.97 percent. Last year at this time, 15-year rates averaged 3.68 percent.
- 5-year adjustable-rate mortgages: averaged 2.84 percent, with an average 0.7 point, holding steady at last week’s average. Last year at this time, 5-year ARMs averaged 3.28 percent.
- 1-year ARMs: averaged 2.79 percent, with an average 0.4 point, rising from last week’s 2.75 percent average. A year ago, 1-year ARMs averaged 2.95 percent.