The average rate for a 30-year fixed-rate mortgage inched downward to a new low for the sixth consecutive week, according to Freddie Mac.
The average 30-year rate dropped to 4.54% during the week ending July 29. This is the lowest this rate has been in the history of Freddie Mac's survey, which has been tracking the rate since 1971. It represented a slight drop from 4.56% the previous week and a more pronounced drop from 5.25% a year ago.
The average 15-year rate fell to 4.00% from 4.03% a week ago and 4.69% a year ago. The average rate for a five-year Treasury-indexed adjustable-rate mortgage averaged 3.76%, down from 3.79% a week ago and 4.75% a year ago. The average one-year Treasury ARM rate fell to 3.64% from 3.70% a week ago and 4.80% a year ago.
Points averaged 0.7 for all loan types tracked by Freddie Mac in the most recent week.
Daily Briefing | Tuesday, September 7, 2010
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