30-year mortgage rates at record low

By Dow Jones Newswires
Posted June 24, 2010 at 1:21 p.m.

Mortgage rates fell slightly the past week, with three of the four rates Freddie Mac (FRE) tracks¬† — including the 30-year fixed — at record lows, according to Freddie’s weekly survey of mortgage rates.

The rates on all but 1-year adjustable-rate mortgages hit the lowest point since Freddie began tracking them — 1971 for the 30-year loans, 1991 for 15-year fixed and 2005 for 5-year adjustables. The 1-year set yet another 6-year low in the latest week.
The declines come amid a continued rally in the Treasurys market, which pushes the debt’s yields down. Mortgage rates generally track yields.

The 30-year fixed-rate mortgage averaged 4.69 percent for the week ended Thursday, down from 4.75 percent a week earlier and 5.42 percent a year earlier. Rates on 15-year fixed dropped to 4.13 percent,  from 4.2 percent and 4.87 percent, respectively.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.84 percent, lower than the week earlier’s 3.89 percent and 4.99 percent a year earlier. One-year Treasury-indexed ARMs were 3.77 percent, down from 3.82 percent and 4.93 percent, respectively.

To obtain the rates, the 15-year fixed-rate mortgages required payment of an average 0.6 point and the others required an average 0.7 point. A point is 1 percent of the mortgage amount, charged as prepaid interest.

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