15-year mortgages fall below 4%

15-year mortgages fall below 4%

TRIANGLE BUSINESS JOURNAL - BY Jeff Clabaugh WASHINGTON BUSINESS JOURNAL

• Freddie Mac

Mortgage rates continued to ratchet lower, with the average rate on a 15-year fixed rate mortgage falling below 4 percent.

Freddie Mac (NYSE: FRE), in its weekly report, said a 30-year fix-rate mortgage averaged 4.49 percent in the week ending Aug. 5, down from 4.54 percent last week. A 15-year fix fell to an average of 3.95 percent, down from 4 percent. Both are the lowest since Freddie Mac began keeping track.

The average rate on a one-year adjustable-rate mortgage fell to 3.55 percent, down from 3.64 percent last week.

As previously reported, data from the Triangle Multiple Listing Service show buyers closed on 2,676 homes in the Raleigh-Durham region during June, 7 percent more than the number of homes sold in May and 13 percent more than the number of homes sold in June 2009.

Read more: 15-year mortgages fall below 4% - Triangle Business Journal