Greetings neighbors,

According to reports from Freddie Mac, mortgage rates hit record lows this week with an average of 4.69% being offered on 30-year fixed-rate loans. Last week's average rate on a 30-year loan was at 4.75%. Only a couple of months ago (April), the average rate for a 30-year loan was 5.21%.

This week's drop in numbers were somewhat expected after the drop of Treasury yields to their lowest levels in over a year.

In addition, Freddie reported an average of 0.7% of the amount borrowed for upfront fees on 30-year fixed-rate mortgages this week.

Rates also showed record lows for 15-year fixed-rate mortgages and 5-1 hybrids according to Freddie Mac.

In addition to recent drops in mortgage rates, the sales of existing homes showed a decrease of 2.2% last month.