Freddie Mac reported more new record lows for 30- and 15-year fixed mortgage rates as well as 5/1 hybrid ARMs.

For the week ending July 12, the 30-year fixed rate mortgage rate averaged 3.56%, down six basis points from last week, with an average 0.7 point. This places the no-point rate at 3.74% which should keep refinancing activity relatively responsive.

In yesterday's report from the Mortgage Bankers Association, the Refinance Index declined just 3.4% to 4369 in the holiday-shortened week ending July 6 after two weeks of 8% declines.

Specifically, the Conventional Refi Index slipped 2.4% after declining 4.7% in the prior week.

Meanwhile, 15-year fixed mortgage rates declined three basis points to 2.86%; hybrid ARMs were at 2.74% from 2.79%, while one-year ARM rates rose one basis point to 2.69%.


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