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.
