LI mortgage rates fall in national trend
Nationally home mortgage rates fell to new lows in the last week of June and early July. Credit: iStock
WASHINGTON -- Fixed U.S. mortgage rates fell again to record lows, providing prospective buyers with even more incentive to brave a modestly recovering housing market.
On Long Island rates followed the national trend, according to figures supplied by HSH Associates of HSH.com. The 30-year fixed was 3.77 percent, down from 3.83 percent. The 15-year fixed is 3.35 percent, down from 3.41 percent. The one-year adjustable was 2.75 percent, down from 3.27 percent.
Mortgage buyer Freddie Mac says the nationwide average on the 30-year loan dropped to 3.62 percent. That's down from 3.66 percent last week and the lowest since long-term mortgages began in the 1950s.
The average rate on the 15-year mortgage, a popular refinancing option, slipped to 2.89 percent, below last week's previous record of 2.94 percent.
The average rate on the 30-year loan has fallen to or matched record low levels in 10 of the past 11 weeks. And it's been below 4 percent since December.
Low-interest mortgages have provided some lift to the long-suffering housing market, which has slowly improved this year.
