Long-term mortgage rates fell to new lows for the sixth consecutive week, according to Freddie Mac’s (OTC BB: FMCC) weekly rate report.
The average rate on a 30-year fixed rate mortgage fell to 3.67 percent in the week ending June 7, down from 3.75 percent last week. A year ago, 30-year mortgages averaged 4.49 percent.
A 15-year fix fell to a record low 2.94 percent, after falling below 3 percent for the first time on record last week.
A one-year adjustable rate mortgage averaged 2.79 percent this week.
The Mortgage Bankers Association this week reported the refinancing share of mortgage applications rose to 78 percent last week, as refinancing activity rose, even as applications for a mortgage to buy a home declined. Jeff Clabaugh covers general assignment and provides business coverage for WTOP.
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