Another Week of Record Low Mortgage Rates

By:: Kara Johnson | July 08, 2010

Mortgage rates fell to new record lows yet again this week, the third consecutive week that interest rates have set new record lows in the weekly Freddie Mac rate survey.

Average interest rates for 30-year fixed-rate loans fell to 4.57 percent this week, down a single basis point from last week’s old record 4.58 percent. Rates on 5-year Treasury indexed adjustable-rate mortgages (ARMs) fell to a new record low of 3.75 percent, down from 3.79 percent last week.

Breaking the pattern was the 15-year fixed-rate mortgage, which rose to an average 4.07 percent this week, up from 4.04 percent last week. All three loans had set record lows in each of the two previous weeks.

Average points paid for all three types of loan remained at 0.7 points, same as last week.

“With mortgage rates falling to historic lows, refinance activity has been strong over the past three months,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The Bureau of Economic Analysis reported that the effective mortgage rate of all loans outstanding was just below six percent in the first quarter of 2010, the lowest since the series began in 1977.”

Nothaft noted that several positive trends occurred over the first quarter of the year, including that U.S. household net worth increased by $1.1 trillion over the first quarter of the year, while aggregate household debt fell to its lowest level since the third quarter of 2000, according to the Federal Reserve. The American Bankers Association also reported that the percentage of credit card bills that were past-due fell to their lowest level since early 2002.

All three mortgage loan types reported above remain well below their levels of one year ago this week. Both the 30-year and 15-year loans are down more than six-tenths of a percentage point from last year’s levels, when they were at 5.20 percent and 4.69 percent, respectively. The 5-year ARM is more than a full percentage point lower than the 4.82 percent it averaged one year ago this week.

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National Rates

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

Rates may contain points

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