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UPDATE

Mortgage rates hit record lows

May 25, 2003|Times wire services

U.S. mortgage rates fell to a record low last week, according to Freddie Mac, the No. 2 buyer of mortgages in the nation.

The average rate on a 30-year fixed-rate mortgage declined to 5.34% for the week ending Friday from 5.45% the previous week. The group began keeping records in 1971. The previous lowest recorded 30-year rate was 5.83% in 1963, Federal Housing Finance Board statistics show.

The average rate on a 15-year mortgage, a popular refinancing option, fell to 4.73%, also a record low, from 4.84%. The average rate on a one-year adjustable-rate mortgage declined to an all-time low of 3.61% from the previous week's 3.67%.

The latest 5.34% rate on a 30-year mortgage would put the average monthly payment on a $100,000 loan, including principal and interest with 1 point, at $557.79, down from $652.59 a year ago, when the rate was 6.81%.

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