For borrowers with good credit and cash for a downpayment, mortgage rates remained at or near record lows this week, according to Freddie Mac’s latest weekly rate survey.

The survey found rates on 30-year fixed-rate mortgages averaged 4.75 percent for the week ending June 17, with an average of 0.7 point. That’s up slightly from last week, when 30-year fixed-rate loans averaged 4.72 percent, but down from 5.38 percent a year ago.

For borrowers with good credit and cash for a downpayment, mortgage rates remained at or near record lows this week, according to Freddie Mac’s latest weekly rate survey.

The survey found rates on 30-year fixed-rate mortgages averaged 4.75 percent for the week ending June 17, with an average of 0.7 point. That’s up slightly from last week, when 30-year fixed-rate loans averaged 4.72 percent, but down from 5.38 percent a year ago.

The all-time record low for 30-year fixed-rate loans in records dating back to 1971 was set during the week of Dec. 3, when the rates averaged 4.71 percent.

Rates on 15-year fixed-rate mortgages averaged 4.2 percent with an average 0.7 point, up from 4.17 percent last week but down from 4.89 percent a year ago.

For 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans, rates averaged 3.89 percent this week, with an average 0.7 point. That’s down from 3.92 percent last week and 4.97 percent a year ago, and was the lowest rate for 5-year ARMs since Freddie Mac started tracking them in January 2005.

Rates on 1-year Treasury-indexed ARMs averaged 3.82 percent with an average 0.6 point, down from 3.91 percent last week and 4.95 percent a year ago. It was the lowest rate for 1-year ARMs since the week ending May 6, 2004, when those loans averaged 3.76 percent.

Rates surveyed by Freddie Mac are for prime borrowers taking out loans with 20 percent downpayments. Borrowers taking out loans too large or risky for purchase or guarantee by Freddie Mac can expect to pay more.

Recent turmoil in financial markets has made the mortgage-backed securities that are the ultimate source of funding for most home loans popular with investors, helping keep rates charged to borrowers low.

But the Mortgage Bankers Association is forecasting that rates on 30-year fixed-rate mortgages will gradually rise to 5.4 percent during the fourth quarter of this year, reach 6 percent in the last three months of 2011, and average 6.6 percent in the fourth quarter of 2012.

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×