Mortgage rates reach record lowsNews added by ProWEB Media on August 5, 2010
Gary Linnell

ProWEB Media

Joined: December 27, 2005

Mortgage rates last week fell to record lows as concerns about the economy continue to linger, according to a survey released today by Freddie Mac.

Interest rates on 30-year fixed-rate mortgages averaged 4.49 percent during the week of August 5, down from 4.54 percent one week earlier and 5.22 percent one year ago.

Thirty-year rates have set record lows in six of the last seven weeks.

Meanwhile, 15-year fixed-rate mortgages averaged 3.95 percent, down from 4.0 percent last week, the lowest rates since Freddie Mac began tracking this loan type in 1991. Fifteen-year rates have reached record lows in five of the last seven weeks.

The Mortgage Bankers Association announced this week that U.S. mortgage applications to purchase homes rose for the third consecutive week as rates continue to fall.
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