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U.S. fixed mortgage rates reach new record lows

07-12-2012 23:50 BJT

WASHINGTON, July 12 (Xinhua) -- U.S. fixed mortgage rates this week continued to find new all-time record lows amidst a gloomy June job report, said the Primary Mortgage Market Survey released Thursday by Freddie Mac.

The mortgage giant said that 30-year fixed-rate mortgage (FRM) was 3.56 percent in the week ending July 12, down from last week's 3.62 percent, staying below 4 percent for 16 weeks.

The 15-year FRM declined to 2.86 percent from 2.89 percent in a week earlier, remaining below 3 percent for 7 weeks. A year ago at this time, the 15-year FRM averaged 3.65 percent.

In addition, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was down to 2.74 percent, while the 1-year Treasury-indexed ARM edged up to 2.69 percent.

"Following a lackluster employment report for June, long-term U.S. Treasury bond yields eased somewhat this week allowing fixed mortgage rates to reach yet another record low," said Frank Nothaft, Freddie Mac's chief economist.

Last month, employers only added 80,000 new jobs, not enough to bring down the unemployment rate from 8.2 percent.

Lower rates have played as an important incentive to house refinancing and buying since last fall. With constant modest improvement recently, the U.S. housing crash is said to have reached the bottom. However, many economists hold that the market still needs years to recover entirely as the bottom will be prolonged.


Editor:Zheng Limin |Source: Xinhua

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