Fixed Mortgage Rates Hit Record Lows: 4.69%; 4.13%

After weeks of flirting with the record, the 30-year fixed mortgage reached a new low of 4.69 percent this week, down from 4.75 percent last week, according to Freddie Mac.
The survey’s all-time low for the long-term rate was previously set Dec. 3, 2009 at 4.71. Freddie Mac has been tracking the benchmark rate since 1971.
Last year at this time, the 30-year rate averaged 5.42 percent.
The 15-year fixed-rate mortgage also set a new low averaging 4.13 percent, down from last week when it averaged 4.20 percent. A year ago at this time, the 15-year rate averaged 4.87 percent.
The 1-year Treasury-indexed ARM averaged 3.77 percent this week, down from last week when it averaged 3.82 percent.
“Mortgage rates for all but traditional 1-year ARMs hit all-time record lows this week in our survey, while activity in the housing market slowed in May following the expiration of the homebuyer tax credit,” said Frank Nothaft, Freddie Mac vice president and chief economist.
Sales of new homes fell 32.7 percent in May to an annualized rate of 300,000 units, which was the largest monthly drop and slowest pace since records were first tracked in 1963. 
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