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%.
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