Mortgage rates remain steady
- July 15, 2010
Mortgage rates remained near historic lows last week.
The average 30-year, fixed-rate mortgage was 4.57 percent for the week ending Thursday, keeping even with last week’s record low, according to Freddie Mac.
Last year at this time, the average rate was 5.14 percent.
The average 15-year, fixed-rate mortgage dropped 0.1 percentage point to 4.06 percent last week. This compares to a 4.63 percent rate last year.
Frank Nothaft, vice president and chief economist at Freddie Mac said the low mortgage rates were making home buying more affordable and boost refinancing activity.
“With today’s rates, homebuyers would save about $1,500 in payments each year on a $200,000 loan compared to rates last June,” Nothaft said.