Long term mortgage rates hit lows

WASHINGTON, June 28 (UPI) -- Average mortgage interest rates for long-term, fixed-rate loans matched record lows in the week ended Thursday, the Federal Home Loan Mortgage Corp. said.

Average rates for 30-year contracts held at 3.66 percent with 0.7 points, maintaining a record low. Thirty-year mortgage rates averaged 4.51 percent the same week of 2011.

Average rates on 15-year contracts dropped from 2.95 percent to a record 2.94 percent with 0.7 points. A year earlier, rates on 15-year contracts stood at 3.69 percent.

Five-year adjustable rate mortgages averaged 2.79 percent in the week with an average 0.6 points, up from an average of 2.77 percent in the previous week.

Five-year adjustable rate loans averaged 3.22 percent a year earlier.

Average rates on one-year treasury-indexed adjustable mortgages were unchanged at 2.74 percent with an average 0.4 points during the week.

Interest rates for one-year loans averaged 2.97 percent in the same week of 2011.