Industry NewsMortgage

Mortgage rates tumble to new lows

MBA says purchase loan applications fell 36% year-over-year

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Rates on three of four types of mortgages tracked in Freddie Mac's weekly rate survey hit new records for the second week in a row, with 30-year fixed-rate mortgages averaging 4.58 percent with an average of 0.7 point during the week ending July 1.Rates on 30-year fixed-rate loans are down from 4.69 percent last week and 5.32 percent a year ago, and at a new all-time low in records going back to 1971.Rates for 15-year fixed-rate mortgages also hit a new low in records dating to 1991, dipping to 4.04 percent with an average 0.7 point, down from 4.13 percent last week and 4.77 percent a year ago.Rates on 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 3.79 percent this week with an average 0.7 point, a new low in records dating to January 2005. The 5-year ARM averaged 3.84 percent last week and 4.88 percent a year ago.The 1-year Treasury-indexed ARM averaged 3.8 percent with an average 0.7 point, up from 3.77 percent last week and 4.94 percent a year ago.Rate...