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Washington
Conventional mortgages ARMs reach record lows
WASHINGTON (7/23/12)--Interest rates for 30- and 15-year fixed-rate mortgages, as well as those for five-year adjustable-rate mortgages, fell to record lows during the week ended July 19, Freddie Mac reported.

Thirty-year fixed-rate mortgages averaged 3.53%, down from the 3.56% average reported last week, and the 4.52% average rate reported this time last year.

Fifteen-year fixed-rate mortgages averaged 2.83%. Those mortgages averaged 2.86% last week, and 3.66% this time last year.

Both five-year and one-year Treasury-indexed, hybrid ARMs averaged 2.69% during the week. Five-year ARMs averaged 3.27% and 1-year ARMs averaged 2.97% this time last year.

"Fixed mortgage rates are remaining low and helping to stir the housing market," Freddie Mac Chief Economist Frank Nothaft noted.

New single-family home construction increased for the fourth-straight month in June, and homebuilder confidence for the next six months recently reached its highest level since March 2007, he noted.

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