facebook
twitter
rss
account
search
search
 

Long-term loans hit new interest rate lows

July 19, 2012 at 3:33 PM   |   Comments

WASHINGTON, July 19 (UPI) -- Fixed mortgage rates on long-term loans in the United States hit record lows in the week ending Thursday, the Federal Home Loan Mortgage Corp. said.

The average 30-year fixed mortgage has been below 4 percent for every week but one in 2012, Freddie Mac said.

In the current week, interest rates for 30-year, fixed-rate loans dropped from 3.56 percent to 3.53 percent with 0.7 points.

In the same week of 2011, interest rates for 30-year loans averaged 4.52 percent.

For 15-year loans in the week ending Thursday, interest rates fell from 2.86 percent to 2.83 percent with an average 0.6 points. A year ago, 15-year loan rates averaged 3.66 percent.

"With little signs of inflation and the Federal Reserve's 'Operation Twist' keeping U.S. treasury bond yields in check, fixed mortgage rates are remaining low and helping to stir the housing market," said Frank Nothaft, vice president and chief economist at Freddie Mac.

A five-year treasury-indexed hybrid adjustable-rate mortgage in the week ending Thursday averaged 2.69 percent with an average 0.6 points, down from last week when it averaged 2.74 percent.

A one-year treasury-indexed ARM loan averaged 2.69 percent this week with an average 0.4 point, unchanged in the week.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
1
Norways Kongsberg to demo missile for U.S. Navy Norways Kongsberg to demo missile for U.S. Navy
2
E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover
3
Pizza Hut hoping the "Skinny Slice" will mean big bucks
4
Anheuser-Busch not satisfied with the way NFL has handled recent incidents Anheuser-Busch not satisfied with the way NFL has handled recent incidents
5
Saab producing vehicle protection system for unidentified customer Saab producing vehicle protection system for unidentified customer
Trending News
Video
x
Feedback