Mortgage Rates Hit another Record Low this week
According to Freddie Mac's latest Primary Mortgage Market Survey (PMMS), the 30-year fixed-rate mortgage (FRM) averaged 4.58$ with an average 0.7 point for the week ending July 1, 2010. This is down from last week when it averaged 4.69%. Last year at this time, the 30-year FRM averaged 5.32 percent.
"Interest rates on fixed-rate mortgages and the 5-year hybrid ARM fell once again to all-time record lows this week in a period where the economy struggles to gain momentum and inflation remains very low," said Frank Nothaft, Freddie Mac vice president and chief economist.
Annual inflation, as measured by the 12-month change in the core CPI, held at 0.9 percent in April and May, which is the slowest pace in over 44 years, as reported by the Bureau of Labor Statistics.
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Sherry Armstrong
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