Mortgage Rates Set Record Lows for Sixth Straight Week

By:
Peter King | July 29, 2010

Mortgage interest rates once again fell to new record lows this week, according to the weekly Freddie Mac rate survey. 

Average rates on the standard 30-year fixed-rate mortgage fell to 4.54 percent, down from 4.56 percent last week, while rates on the 15-year fixed-rate loan fell to an even 4.00 percent, down from 4.03 percent last week.
 
Both are record lows for the two rates in the Freddie Mac survey. The government-affiliated lender has been tracking rates on 30-year mortgages since 1971 and on 15-year loans since 1991.
 
Average rates on the 5-year Treasury indexed adjustable-rate mortgage declined to 3.76 percent, down from 3.79 percent, just missing the all-time low of 3.75 percent set three weeks ago. It was the sixth consecutive week that at least two of the three rates have set new all-time lows in the Freddie Mac survey.
 
All three rates included an average of 0.7 points in discount and origination fees and are based on conforming loans reported to Freddie Mac.
 
The Freddie Mac survey results contrast with those released yesterday by the Mortgage Banker’s Association, which showed an increase in both the 30- and 15-year average rates. Meanwhile, another weekly survey out this morning, by Bankrate.com, echoed the Freddie Mac results by reporting new survey lows for both mortgages.
 
Results tend to vary among weekly rate surveys owning to differences in survey methods and the sources from which the data is obtained.
 
 Another weekly survey out, by Bankrate.com, reflected the Freddie Mac results, with both the 30- and 15-year loans falling to all-time lows.

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