Mortgage rates were relatively unchanged this week, with 30-year fixed rate mortages (FRM) averaging 4.37 percent and 0.7 points, with 15-year FRM averaging 3.82 percent and 0.6 points, according to an official press release from Freddie Mac on Thursday.
The new rates have hardly changed from last week’s rates of 4.35 percent for the 30-year FRM and 3.83 percent for the 15-year FRM. Freddie Mac noted that the 15-year rates are the lowest on record.
Despite the marginal increase in 30-year FRM rates, they still remain near record lows.
"Interest rates on 30-year fixed mortgages have remained below 5 percent for the last 19 weeks, giving people ample opportunity to refinance their existing mortgage debt," said Frank Nothaft, Freddie Mac vice president and chief economist.
A low mortgage rate means that financing for a home would cost less than paying off a mortgage with a high mortgage rate.
"As a result, homeowners reduced their financial obligations relative to disposable personal income during the second quarter of 2010 to the lowest share in almost eight years," Nothaft said, quoting the Federal Reserve.