The average rate for a 30-year fixed rate mortgage during the week ended July 15 matched the previous week's record low of 4.57%, according to Freddie Mac's Primary Mortgage Market Survey.
"Fixed-rate mortgages continued to hover at 50-year lows," said Frank Nothaft, vice president and chief economist, Freddie Mac. That 30-year rate was down from 5.14% a year ago.
The average rates for 15-year FRMs and one-year Treasury indexed adjustable-rate mortgages both fell slightly week-to-week, with the latter hitting a low not seen since Freddie began tracking it in 1984. The average rate for the 15-year FRM during the week ended July 15 was 4.06%, down from 4.07% a week ago and 4.63% a year ago.
The average one-year Treasury ARM rate was 3.74%, down from 3.75% a week ago and 4.76% a year ago. The average rate for a five-year Treasury hybrid was 3.85%, up from the previous week's 3.75% but still down from 4.83% a year ago. Average points were 0.7 for all the aforementioned loan types during the week ended July 15.
