30-Year, 15-Year Mortgages Hold at Record Low Rates

Average mortgage rates are unchanged this week, with both the 30-year and 15-year fixed-rate loans matching record lows, according to Freddie Mac.
The 30-year fixed-rate mortgage averaged 3.66 percent for a second straight week.
The economic recovery remains sluggish, with concerns over the jobs market dragging down U.S. consumer confidence in June for the fourth straight month, according to the private-sector report from The Conference Board.
But the housing market has generated positive reports this week.
Both the S&P/Case Shiller 20-city composite and the Federal Housing Finance Agency’s house price indexes showed more than a 0.5 percent monthly increase in April.
In addition, pending existing home sales rebounded in May by 5.9 percent to match a two-year high and new home sales jumped 7.6 percent to its fastest pace since April 2010.
Here’s the rundown on mortgage rates from Freddie Mac:

  • 30-year fixed-rate mortgage averaged 3.66 percent, with an average 0.7 point, for the week ending June 28, 2012, the same as last week. Last year at this time, the 30-year FRM averaged 4.51 percent.
  • 15-year fixed rate averaged 2.94 percent, with an average 0.7 point, down from last week when it averaged 2.95 percent. A year ago at this time, the 15-year FRM averaged 3.69 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.79 percent, with an average 0.6 point, up from last week when it averaged 2.77. A year ago, the 5-year ARM averaged 3.22 percent.
  • 1-year Treasury-indexed ARM averaged 2.74 percent, with an average 0.4 point, the same as last week. At this time last year, the 1-year ARM averaged 2.97 percent.

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