Mortgage Rates Hit New Low for Year

Washington, DC, June 3, 2011 -- Fixed mortgage interest rates hit a new low for the year, representing the seventh consecutive weekly decline, according to the latest survey from Freddie Mac.

Surveys of national consumer confidence and manufacturing activity in the past month have suggested the economy may be slowing, said Freddie Mac Chief Economist Frank Nothaft, and mortgage rates followed Treasury yields lower.

The 30-year fixed-rate mortgage averaged 4.55% in the week ended Thursday, down from 4.60% the prior week and 4.79% a year earlier. Rates on 15-year fixed-rate mortgages fell to 3.74% from 3.78% the previous week and 4.20% a year earlier.