The Real Deal Miami

30-year mortgage rates at record l

July 15, 2010 04:30PM

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 fixedrate mortgage averaged 5.14 percent. The 15-year fixedrate 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. “Fixedrate 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