Freddie Mac: Mortgage rates fall to new lows

July 22nd, 2010

Written by Greg Frost Jr.

Categories: Announcements, Economy, Mortgage News, Mortgage Rates

Long-term mortgage rates fell again this week, with both 30-year and 15-year fixed-rate mortgages at the lowest levels since McLean, Va.-based Freddie Mac began keeping track.

The average rate on a 30-year fixed-rate mortgage in the week ending July 22 was 4.56 percent, down from 4.57 percent last week, the lowest since at least 1971. A 15-year fixed-rate mortgage averaged 4.03 percent, the lowest since at least 1991.

A one-year, adjustable-rate mortgage averaged 3.70 percent, down from 3.74 percent last week.

“The decline in mortgage 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 Freddie Mac (OTC: FMCC) chief economist Frank Nothaft.

Read more: Freddie Mac: Mortgage rates fall to new lows – New Mexico Business Weekly

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