Mortgage Rates Resume Journey Downward, Hit New Record Lows

 After holding mostly steady last week, mortgage rates resumed the journey downward for the week ending July 22, 2010, Freddie Mac and Bankrate reported Thursday.

According to Freddie Mac’s Primary Mortgage Market Survey, 30-year fixed-rate mortgages averaged 4.56 percent with an average 0.7 point this week, down from last week’s average of 4.57 percent. Freddie Mac also reported a slight dip in 15-year fixed-rate mortgages. This week, rates averaged a record low of 4.03 percent with an average 0.7 point, falling from 4.06 percent last week.

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