30-year mortgage rates at record low for second straight week: Freddie

The 30-year fixed mortgage rate averaged 4.57 percent for the week ending July 15, unchanged from last week, which was a record low in Freddie Mac’s 39-year survey. Last year at this time, the 30-year fixed-rate mortgage averaged 5.14 percent. The 15-year fixed-rate mortgage this week averaged 4.06 percent, down slightly from last week’s 4.07 percent average and also down from 2009 when the rate was 4.63 percent. “Fixed-rate mortgages continued to hover at 50-year lows, thereby supporting homebuyer affordability and refinance activity,” said Frank Nothaft, vice president and chief economist at Freddie. “Compared to the recent peak in 30-year fixed interest rates 13 months ago [in the week of June 11, 2009], current rates are a full percentage point lower. With today’s rates, homebuyers would save about $1,500 in payments each year on a $200,000 loan compared to rates last June.” TRD