Mortgage rates were mostly lower this week as the 30-year fixed-rate mortgage hit a new all time low, according to the latest survey from mortgage financier Freddie Mac.
The popular mortgage program averaged 4.57 percent during the week ending July 8, down from 4.58 percent last week and 5.20 percent a year ago.
Meanwhile, the 15-year fixed climbed to 4.07 percent from 4.04 a week ago, but stayed well below the 4.69 percent average seen a year ago.
The five-year adjustable-rate mortgage fell to 3.75 percent from 3.79 percent, also an all-time low, and more than a point lower than the 4.82 percent seen this time last year.
Finally, the one-year ARM averaged 3.75 percent, down from 3.80 percent last week and 4.82 percent last year.
“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, in a press release.
“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.
The interest rates above are good for conforming loan amounts at 80 percent loan-to-value at par; pricing adjustments may raise or lower the rate you actually receive from a lender.
Jumbo loans continue to price a half percentage point or more higher than conforming mortgages.
