Both the average 30-year and 15-year fixed-rate mortgage have remained unchanged from a week ago, according to the Freddie Mac Primary Mortgage Survey (PMMS).
The average 30-year fixed-rate mortgage remained at 4.37 percent, while average rate of 15-year fixed mortgage remained at a record low of 3.82 percent this week.
Frank Nothaft, chief economist and vice president of Freddie Mac, said the 0.7-percent decline in 30-year rates from June 2009 to June this year was the sharpest drop in the first year of the recovery compared with the previous six times the US economy pulled out of a recession.
Mortgage refinancing in the US has been a popular trend, with homeowners that have an adjustable mortgage rate are seeking to refinance into the lower fixed interest rates. Homeowners with second mortgage could also benefit from refinancing their mortgages into one.
Typically, second mortgage has higher interest rates and will also have adjustable interest. Not all mortgage lenders in the US offer the same refinancing rates, as it can vary depending on the credit rating and location. Home borrowers have to compare home loans with several lenders to find the best refinancing product.