Mortgage rates continue to set new record lows: Freddie Mac

New York /
Jul.July 30, 2010 01:30 PM

Mortgage interest rates have reached record lows for the sixth week in a row, for the week ending July 29, according to data from government-sponsored mortgage giant Freddie Mac. The 30-year fixed-rate mortgage averaged a 4.54 contract interest rate, down from 4.56 percent last week and 5.25 percent during the same week last year. It was the lowest interest rate for the 30-year mortgage recorded in the 30-year history of Freddie Mac’s survey. Its 15-year counterpart averaged 4 percent, down from 4.03 percent last week and 4.69 percent last year. Freddie Mac began tracking the 15-year fixed-rate mortgage in 1991, and its interest rate has never been this low since then. Frank Nothaft, vice president and chief economist for Freddie Mac, noted that the mortgage rate dips come amid mixed reports on the housing market this week. The S&P/Case-Shiller Housing Price Index showed that more cities are seeing price increases and new home sales rose nationwide, while existing home sales slowed. TRD

 

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