Mortgage rates on six-week, record-breaking slide

Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending July 29, averaged 4.54 percent, according to Freddie Mac's weekly Primary Mortgage Market Survey

by Broderick Perkins
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Deadline Newsroom - Mortgage interest rates for 30-year, conforming, fixed-rate mortgages (FRMs), for the week ending July 29, averaged 4.54 percent, according to Freddie Mac's weekly Primary Mortgage Market Survey.

A new all time low in Freddie Mac's 39-year rate survey, the average 30-year rate came with an average 0.7 point and was down from last week's 4.56 percent. The rate averaged 5.25 percent a year ago.

The 15-year FRM, this week, also averaged a record low of 4.00 percent with an average 0.7 point, down from last week when it averaged 4.03 percent. A year ago at this time, the 15-year FRM averaged 4.69 percent, Freddie Mac reported.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.76 percent this week, with an average 0.7 point, down from last week's 3.79 percent average. A year ago, the 5-year ARM averaged 4.75percent.

Freddie Mac reported the 1-year Treasury-indexed ARM averaged 3.64 percent this week with an average 0.7 point, down from last week's 3.70 percent average. Last year, at this time, the 1-year ARM averaged 4.80 percent.

"For the sixth week in a row, interest rates on fixed-rate mortgages eased to all-time record lows during a week of mixed housing data reports," said Frank Nothaft, Freddie Mac vice president and chief economist.

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