Mortgage rates reach new record lows: Freddie

New York /
Jul.July 22, 2010 03:00 PM

Mortgage interest rates reached new record lows this week as consumer confidence declined, according data from Freddie Mac for the week ending today. The 30-year fixed-rate mortgage averaged a record-low 4.56 percent, down from 4.57 percent last week and 5.2 percent last year. Freddie Mac began tracking interest rates for the 30-year mortgage in 1971. The 15-year fixed-rate mortgage also hit a 19-year record low 4.03 percent average interest rate, down from 4.06 percent last week and 4.68 percent last year at this time. Interest rates also dropped for the five-year and one-year Treasury-indexed adjustable-rate mortgages, which averaged 3.79 percent and 3.7 percent, respectively this week. “The decline in mortgages rates over the past few weeks echoes the recent signs of weakening confidence in the strength of the economy, particularly the housing and consumer sectors,” said Frank Nothaft, vice president and chief economist at Freddie Mac, who cited reported drops in home builder confidence and consumer confidence in July as evidence of the trend. Still, he added, “we see these as part of the normal pattern of ebbs and flows in recovery and believe that there is sufficient momentum to carry the U.S. economy forward, albeit moderately.” TRD

 

Related Articles

arrow_forward_ios
Fannie, Freddie to buy mortgages up to nearly $1M
Fannie, Freddie to buy mortgages up to nearly $1M
Fannie, Freddie to buy mortgages up to nearly $1M
(Getty)
Freddie Mac study of 12 million appraisals shows racial disparity
Freddie Mac study of 12 million appraisals shows racial disparity
From left: JPMorganChase CEO Jamie Dimon, Goldman Sachs CEO David Solomon and Morgan Stanley CEO James Gorman (Getty)
Demand for private-label mortgages on the rise
Demand for private-label mortgages on the rise
Shares of Rocket Cos and LoanDepot rose while shares Fannie Mae and Freddie Mac plunged after Supreme Court ruling (Unsplash)
For mortgage sector stocks, Fannie and Freddie ruling was positive
For mortgage sector stocks, Fannie and Freddie ruling was positive
Mark Calabria and Sandra Thompson (Getty, FHFA)
Biden ousts Fannie, Freddie overseer, leaving them in government’s hands
Biden ousts Fannie, Freddie overseer, leaving them in government’s hands
JPMorgan Chase CEO Jamie Dimon (Getty)
JPMorgan invests in private-label mortgage platform
JPMorgan invests in private-label mortgage platform
NewPoint Real Estate Capital CEO David Brickman (Photo via Freddie Mac)
Former Freddie Mac CEO’s new lending platform is here
Former Freddie Mac CEO’s new lending platform is here
Borrowers can now get a 30-year fixed-rate jumbo mortgage for $2 million at 2.65%. (iStock)
Jumbo mortgage lenders invade Fannie and Freddie’s turf
Jumbo mortgage lenders invade Fannie and Freddie’s turf
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...