It turns out the recent uptick in mortgage rate averages might have been an aberration. In a new report released by Freddie Mac, average mortgage rates are finding new all-time lows again.
The average 30-year fixed-rate mortgage has matched or hit a new record low in 10 of the last 11 weeks. One-year adjustable-rate mortgages also averaged a new record low this week.
The 30-year fixed-rate mortgage averaged 3.62 percent for the week ending July 5, 2012, down from last week’s rate of 3.66 percent. In all, the average is down almost a full percent from last year at this time, when it was 4.60 percent.
The week’s 15-year fixed-rate fell as well, with an average of 2.89 percent. A year ago at this time, the 15-year fixed-rate mortgage was almost a full percentage point higher at 3.75 percent.
In related news, last week’s applications for home mortgages fell 6.7 percent from the previous week, according to Reuters.