Mortgage rates continue to break records

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Mortgage rates fell to a record low for the seventh straight week, according to McLean-based Freddie Mac.

The average, fixed-rate mortgage was 4.49 percent for the week ending Thursday, down from 4.54 percent the previous week. The average rate was 5.22 percent during the same week a year ago.

The 15-year mortgage also reached a new low at 3.95 percent, compared with 4 percent last week. A year ago this week the 15-year mortgage averaged 4.63 percent.

“And yet again, interest rates for fixed-rate mortgages and now the hybrid 5-year ARM fell to all-time record lows this week following the second quarter GDP release,” said Frank Nothaft, vice president and chief economist at Freddie Mac. “Annual revisions cut the cumulative GDP growth in half over the past three years ending in the first quarter of 2010 from 1.4 percent to 0.6 percent. This reduces inflationary pressures and allows longer-term rates room to ease.”

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