Mortgage company Freddie Mac said on Thursday June 24 that the average rate for 30-year fixed loans sank to 4.69 percent, from 4.75 percent the previous week.
This is the lowest since rate on 30-year fixed mortgages we’ve seen since Freddie Mac began tracking rates in 1971. The previous record of 4.71 percent was set in December 2009.
Rates for 15-year and five-year mortgages also hit lows. Rates on 15-year, fixed-rate mortgages fell to an average of 4.13 percent, the lowest on records dating to September 1991 and down from 4.2 percent a week earlier. Rates on five-year, adjustable-rate mortgages averaged 3.84 percent, down from 3.89 percent a week earlier. That was also the lowest on Freddie Mac’s records, which only date back to January 2005.