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30-year mortgage rate falls to record low of 3.62%

30-year mortgage rate falls to record low of 3.62% (by Ruth Mantell)

WASHINGTON (MarketWatch) -- Mortgage rates are at record lows, with the 30-year fixed-rate mortgage average falling to 3.62% in the week ending July 5 from 3.66% in the prior week, Freddie Mac said Thursday in its weekly report. The rate was 4.60% a year earlier. To obtain the latest 30-year rate, payment of an average 0.8 point was required, according to Freddie, a buyer of residential mortgages. "Recent economic data releases of less consumer spending and a contraction in the manufacturing industry drove long-term Treasury bond yields lower over the week and allowed fixed mortgage rates to hit new all-time record lows," said Frank Nothaft, Freddie Mac's chief economist. The 15-year fixed-rate mortgage also hit a record low, declining to 2.89% in the most recent week from 2.94% in the prior week. Meanwhile, the average rate on the 5-year Treasury-indexed hybrid adjustable-rate mortgage remained at 2.79%. The 1-year Treasury-indexed ARM fell to a record low of 2.68% from 2.74%.