Mortgage Rates Hit Six Week Low

Posted on 07/17/09 5:26 PM

Rates on 30-year fixed mortgages fell to 5.14 percent for the week ended July 16, down from 5.20 percent a week before and 6.26 percent a year earlier, according to Freddie Mac’s weekly survey of conforming rates.

Interest on fixed home loans has fallen in four of the past five weeks, and Freddie Mac economist Frank Nothaft says rate activity during that time has lowered the monthly payment on a $200,000 loan by $56.

Here’s a look at how other mortgage rates performed this week:

  • 15-year fixed loans fell to 4.63 percent from 4.69 percent.
  • One-year adjustable-rate mortgages fell to 4.76 percent from 4.82 percent.
  • Five-year hybrid ARMs bumped up a notch to 4.83 percent from 4.82 percent.