30-Year Rates Fall for 9th Straight Week

By:: Peter King | August 19, 2010

Fixed-rate mortgages fell to new lows again this week, edging slightly downward in the weekly Freddie Mac rate survey.

The averages on both the 30-year and 15-year fixed-rate mortgages declined two basis points, falling to 4.42 percent and 3.90 percent, respectively. A basis point is equal to 0.01 percent.

Average initial rates on the 5-year Treasury indexed hybrid adjustable rate mortgage (ARM) remained unchanged at 3.56 percent. All three rates included an average 0.6 points in origination fees.

“Investors in long-term bonds appear very confident that inflation will remain in check, and as a result long-term fixed mortgage rates have continued to fall,” said Amy Crews Cutts, deputy chief economist for Freddie Mac. “This week marks the ninth straight week in the Primary Mortgage Survey that 30-year-fixed mortgage rates have met or set a new record low.”

Cutts noted that the newly released Consumer Price Index showed that inflation has been holding at an annual rate of only 0.9 percent the past four months, the lowest rate of price growth since January 1996.

Despite the slow, steady decline in rates, the housing market remains stagnant following the deadline for the homebuyer tax credit program at the end of April. Cutts noted that construction starts on single-family homes fell for the third straight month in July, according to Commerce Department figures and that confidence among realtors hit a 16-month low in June, according to the National Association of Realtors.

The Freddie Mac survey has tracked 30-year mortgage interest rates on a weekly basis since 1971 and 15-year rates since 1990. The survey covers rates reported to Freddie Mac during the first three days of the current week, Monday-Wednesday.

Call For Rates

800-419-1494

Speak to a lender now.

We will match calls to our toll free number with our network of lenders.

National Rates

Loan Type	Today	+/-
30 yr fixed	3.78
15 yr fixed	3.06
5/1 ARM	2.69

Rates may contain points

Compare Rates »

Browse Mortgage Rates

Featured Guides

Browse our comprehensive guides to popular topics related to mortgage and personal finance.

Mortgage Rates Calculators

Mortgage Loan Directory and Information, LLC or Mortgageloan.com does not offer loans or mortgages. Mortgageloan.com is not a lender or a mortgage broker. Mortgageloan.com is a website that provides information about mortgages and loans and does not offer loans or mortgages directly or indirectly through representatives or agents. We do not engage in direct marketing by phone or email towards consumers. Contact our support if you are suspicious of any fraudulent activities or if you have any questions.

Mortgageloan.com is a news and information service providing editorial content and directory information in the field of mortgages and loans. Mortgageloan.com is not responsible for the accuracy of information or responsible for the accuracy of the rates, APR or loan information posted by brokers, lenders or advertisers.