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June 2010
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Lowest Mortgage Rates Seen by Freddie Mac

Freddie Mac announced another record today for the lowest interest rates since they began recording mortgage interest rates in 1971. The 30-year fixed rate mortgage reported averages of 4.69% for the week ending June 24th. Fifteen-year fixed mortgage rates fell to a 4.13% average which was also slightly lower than the previous week. VA mortgage remain appealing to military vets because the record low VA rates are still available as well. If you already have a VA loan but need a lower interest rate, consider the VA streamline.

New and existing home sales showed declines in May, Nothaft pointed out. “Existing sales fell 2.2%, compared to the market consensus forecast of a 6% gain, based on figures published by the National Association of Realtors. Sales of new homes fell 32.7% to an annualized rate of 300,000 units, which was the largest monthly drop and slowest pace since records began in 1963, according to the Census Bureau,” he said.

Thirty Year Mortgage Rates Drop to 4.79%

Borrowers across the nation are lining up for home refinancing offers as mortgage interest rates drop once again. The current mortgage rates remain low as the 30-year fixed-rate mortgage average rose slightly to 4.79% with an average 0.8 point for the week ended June 3, according to the buyer of home mortgage loans. In the prior week, the average rate was 4.78%, the lowest since early December. The year-ago average for the thirty-year home loan stood at 5.29%. “The economy grew at a slower rate than originally reported in the first three months of the year … which suggests inflation will remain tame in the near term,” Freddie Mac chief economist Frank Nothaft said, referring to revised data on U.S. gross domestic product. See full story on first-quarter GDP revision pegging growth at 3.0% pace. “As a result, home loan rates held at historic levels this week,” he said in a statement. Underscoring this, interest rates on fifteen-year fixed-rate mortgages reached a new record low, averaging 4.2% — the lowest level since Freddie Mac began tracking the mortgage rates back in 1991 — down from 4.21% in the prior week.

One-year Treasury-indexed adjustable-rate mortgages averaged 3.95%, unchanged from the prior week, and the lowest level since May 2004. The 1-year ARM averaged 4.81% a year ago. The 5-year Treasury-indexed hybrid ARM averaged 3.94%, down from 3.97% in the prior week. A year ago, the 5-year ARM averaged 4.85%.

To obtain the rates, the 30-year fixed-rate mortgage required a payment of an average of 0.8 point. The other mortgages required a payment of an average 0.7 point. A point is 1% of the mortgage amount, charged as prepaid interest.