30-year mortgage rate hits record low of 3.66% (by Ruth Mantell)
WASHINGTON (MarketWatch) -- The 30-year fixed-rate mortgage average fell to a record low of 3.66% in the week ending June 21, down from 3.71% in the prior week, Freddie Mac said Thursday in its weekly report. The rate was 4.50% 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. "Treasury bond yields eased somewhat this week on some worsening economic indicators bringing mortgage rates back into record low territory," said Frank Nothaft, Freddie Mac's chief economist. The 15-year fixed-rate mortgage declined to 2.95% in the most recent week from 2.98% in the prior week. Meanwhile, the average rate on the 5-year Treasury-indexed hybrid adjustable-rate mortgage fell to a record low of 2.77% from 2.80%. The 1-year Treasury-indexed ARM fell to 2.74% from 2.78%.