Mortgage rates reach new lows

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Mortgage rates fell last week to a record low.

McLean-based Freddie Mac said the average 30-year fixed-rate mortgage was 4.69 percent last week, reaching the lowest point since Freddie Mac began its weekly survey in 1971. Last week, the average mortgage rate was 4.75 percent.

During the same week last year, mortgage rates were 5.42 percent.

“Mortgage rates for all but traditional 1-year ARMs hit all-time record lows this week in our survey while activity in the housing market slowed in May following the expiration of the homebuyer tax credit,” Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement.

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