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Mortgage rates continue downward slide, fall for seventh consecutive week

Mortgage rates fell for the seventh straight week recently.

Mortgage rates fell for the seventh straight week recently.

Freddie Mac's most recent Primary Mortgage Market Survey revealed a continued trend that could help boost real estate markets in many areas.

According to the compiled data, interest rates for mortgages fell for the seventh consecutive week during the week ending June 2, reaching lows that are ideal for many potential homebuyers. Thirty-year fixed-rate mortgages averaged 4.55 percent, moving down week-over-year from 4.60 percent and year-over-year from 4.79 percent.

Fifteen-year FRMs settled at 3.74 percent, down from 3.78 during the previous week and 4.20 percent year-over-year.

"Fixed mortgage rates followed U.S. Treasury yields lower this week amid financial market concerns that the current lull in the economy is continuing," said Freddie Mac vice president and chief economist Frank Nothaft. "First quarter growth in consumer spending was revised downward by half of a percentage point to 2.2 percent, according to the Bureau of Economic Activity, consumer confidence in May was weaker than the market consensus forecast, and the manufacturing industry slowed for the third straight month in May."

The rates for both five- and one-year Treasury-indexed hybrid adjustable-rate mortgages showed movement last week as well. Five-year ARMs averaged 3.41 percent, which is the same week-over-week, but down from 3.94 percent year-over-year. One-year ARMs actually totaled a higher average at 3.13 percent, up from 3.11 percent week-over-week. However, year-over-year, the average was down from 3.95 percent.