Average mortgage rates fall to 4.29 percent from last week

mortgage rateMortgage survey results released last week by Freddie Mac showed average mortgage rates fell to 4.29 percent from 4.46 percent—rates have hovered at near-historic lows.

“Fixed mortgage rates fell over the holiday week as market concerns over the timing of the Federal Reserve’s pullback in bond purchases eased somewhat,” Frank Nothaft, the vice president and chief economist at Freddie Mac, said. “Rates are still low by historical standards and should continue to aid in housing affordability and the ongoing recovery of the housing market. For instance, pending home sales rose 6.7% in May to the strongest pace in over six years. In addition, residential construction spending increased in four of the first five months this year.”

The 30-year fixed-rate mortgage averaged 4.29 percent, down from 4.46 percent last week. At this time last year, the 30-year FRM averaged 3.62 percent.

The 15-year FRM averaged 3.39 percent, a decrease from 3.5 percent last week. The 15-year FRM averaged 2.89 percent this time last year.

The five-year adjustable-rate mortgage average increased to 3.1 percent this week from 3.08 percent last week. The one-year ARM remained unchanged at 2.66 percent this week.

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