After Slight Bump In June, Mortgage Rates Return To Slump

Photo courtesy of Creative Commons

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.

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