Mortgage News

30-year mortgage rate hits record low of 3.67%

June 7th, 2012

 By Ruth Mantell

WASHINGTON (MarketWatch) - Mortgage rates hit record lows in the week ending June 7, with the 30-year fixed-rate mortgage average declining to 3.67% from 3.75% in the prior week, Freddie Mac said Thursday in its weekly report. These data go back to 1971. The rate was 4.49% a year earlier. To obtain the latest 30-year rate, payment of an average 0.7 point was required, according to Freddie, a buyer of residential mortgages. "Fixed mortgage rates reached new record lows for the sixth consecutive week as long-term Treasury bond yields declined further following downwardly revised economic growth and job creation data," said Frank Nothaft, Freddie Mac's chief economist. The 15-year fixed-rate mortgage also hit a record low in the most recent week, falling to 2.94% from 2.97% in the prior week. These data go back to 1991. Meanwhile, the average rate on the 5-year Treasury-indexed hybrid adjustable-rate mortgage remained at 2.84%. The 1-year Treasury-indexed ARM rose to 2.79% from 2.75%.*

http://www.marketwatch.com/story/30-year-mortgage-rate-hits-record-low-of-367-2012-06-07

 *Rate information based on Freddie Mac Weekly Primary Mortgage Market Survey, and do not consistute a rate quote.  Restrictions and qualifications may apply.