Fixed Rates Reach Record-Low Averages for 6th Consecutive Week

As the employment situation continues to raise concerns, fixed rates fell even lower, slipping yet again to new record-lows, according to a survey from Freddie Mac released Thursday.  The 30-year fixed-rate mortgage averaged 3.67 percent (0.7 point) for the week ending June 7, falling from last week’s average of 3.75 percent. Last year at this time, the 30-year fixed was 4.49 percent. The 15-year fixed rate declined even further below 3 percent to 2.94 percent (0.7 point), down from last week’s 2.97 percent. A year ago at this time, the 15-year was 3.68 percent. The 5-year ARM remained unchanged from last week at 2.84 percent (0.7 point); a year ago, the 5-year ARM averaged 3.28 percent.  The 1-year ARM moved up to 2.79 percent (0.4 point), up from last week’s 2.75 percent. Last year, it averaged 2.95 percent.  Bankrate also released its survey on mortgage rates and reported record-low averages.  The 30-year fixed slipped to 3.92 percent,  down from last week when it averaged 3.94 percent. On the other hand, the 15-year fixed rose slightly to 3.16 percent from last week’s 3.15 percent.  The five-year fell to 2.99 percent from  3.01 percent last week.