It seems every week mortgage rates hit new record lows, with the latest being no exception, according to figures compiled by government mortgage financier Freddie Mac.
During the week ending July 1, all mortgage rates surveyed by the company aside from the one-year adjustable-rate mortgage fell to a new a record low.
The popular 30-year fixed-rate mortgage averaged 4.58 percent during the week, down from 4.69 percent last week and 5.32 percent a year ago.
The 15-year fixed slipped to 4.04 percent from 4.13 percent, and is well below the 4.77 percent average seen a year ago.
The five-year ARM also got in on the action, falling to 3.79 percent from 3.84 percent, and now prices more than a point lower than its year-ago average of 4.88 percent.
Finally, the one-year ARM bucked the trend, rising to 3.80 percent from 3.77 percent last week, but still remains firmly below the 4.94 percent seen last year.
“Interest rates on fixed-rate mortgages and the 5-year hybrid ARM fell once again to all-time record lows this week in a period where the economy struggles to gain momentum and inflation remains very low,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement.
Remember, bad economic news, good mortgage rates (how mortgage rates are determined).
The interest rates above are good for conforming loan amounts at 80 percent loan-to-value at par; pricing adjustments may increase or lower the rate you actually receive.
Jumbo loans continue to price a half percentage point or more higher than conforming mortgages.
