Freddie: 30-year fixed-rate mortgage at record low

The 30-year fixed-rate mortgage has hit a record low, ticking down to an average 4.57% in week ended July 8, compared with 4.58% in the prior week, Freddie Mac reported Thursday.

To obtain the latest rate, the mortgage required payment of an average 0.7 of a point. A point is 1% of the mortgage amount, charged as prepaid interest.

The year-ago average for the 30-year fixed-rate mortgage stood at 5.2%.

Meanwhile, the rate on 15-year fixed-rate mortgages rose to 4.07%, up from a record low of 4.04% in the prior week. A year ago the 15-year fixed-rate mortgages was at 4.69%.

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- Posted: 2010-07-08 09:49:50

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