Industry NewsMortgage

Mortgage rates still looking for bottom

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Mortgage rates sank to new lows this week as investors contemplated the prospect of bank runs in Europe and disappointing U.S. job growth.Rates on 30-year fixed-rate mortgages averaged 3.75 percent with an average 0.8 point for the week ending May 31, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey. That's down from 3.78 percent last week and 4.55 percent a year ago, and a new record low in Freddie Mac records dating to 1971.For 15-year fixed-rate mortgages, rates averaged 2.97 percent with an average 0.7 point, down from 3.04 percent last week and 3.74 percent a year ago. Rates on 15-year loans have never been lower in records dating to 1991.Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 2.84 percent with an average 0.6 point, up from 2.83 percent last week but down from 3.41 percent a year ago. Rates on five-year ARMs hit an all-time low in records dating to 2005 of 2.78 percent during the week ending Ap...