Mortgage Rates Reach New All-Time Lows

By Liz Clinger Updated on 6/7/2012

As long-term Treasury bond yields further decreased, fixed-rate mortgages continued to plummet for the sixth straight week.

According to the Freddie Mac survey, fixed rate mortgages reached all-time lows while treasury indexed adjustable rate mortgages showed no change or rate increases.  

30-year fixed rate mortgages reached an average of 3.67% for the week ending June 7th, down 0.08% from the previous week’s average of 3.75%, and 0.82% down from this time last year, which was an average of 4.49%.

15-year fixed rate mortgages reached new lows as well at a 2.94% average, a 0.03% decrease from the previous week’s average of 2.97% and down 0.74% from this time last year’s average of 3.68%.

5-year Treasury-indexed hybrid adjustable rate mortgages stayed at the previous week’s rate average of 2.84%, which is still a decline of 0.44% from the prior year.

1-year Treasury-indexed adjustable rate mortgages actually showed an increase from the week prior, up to 2.79% over last week’s 2.75%, though also lower than the average rate this time last year, which was 2.95%.

The large bank surveyor, Bankrate, reported a decrease in 30-year fixed rate mortgages of 0.02% to reach 3.92% from 3.94% the week prior. 15-year fixed rate mortgages rose 0.01% to 3.16% over last week’s 3.15%. 5/1 Adjustable rate mortgages decreased 0.02% to reach 2.99% from last week’s 3.01%

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