Mortgage rates hit record lows

June 24, 2010 at 3:45 PM
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WASHINGTON, June 24 (UPI) -- Average interest rates for long-term mortgages fell to record lows in the week ending June 24, the U.S. Federal Home Loan Mortgage Corp. said Thursday.

Freddie Mac said interest rates for 30-year, fixed-rate contracts fell to 4.69 percent with an average of 0.7 points, down from last week's rate of 4.75 percent.

A year ago, 30-year, fixed-rate mortgages averaged 5.42 percent.

Average interest rates for 15-year, fixed-rate mortgages dropped to 4.13 percent from last week's average of 4.2 percent. Points for 15-year mortgages also averaged 0.6 during the week.

A year ago, interest rates on 15-year mortgages averaged 4.87 percent.

The current average rates on both long-term contracts were record lows, the mortgage broker said.

"Mortgage rates for all but traditional 1-year ARMs hit all-time record lows this week in our survey while activity in the housing market slowed in May following the expiration of the homebuyer tax credit," said Freddie Mac Chief Economist Frank Nothaft.

Freddie Mac began tracking rates for 30-year mortgages in 1971 and for 15-year mortgages in 1991.

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