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Mortgage company Freddie Mac said today that the average rate for 30-year fixed loans sank to 4.69 percent, from 4.75 percent last week.

That’s the lowest since Freddie Mac began tracking rates in 1971.

The previous record of 4.71 percent was set in December. Rates for 15-year and five-year mortgages also hit lows.

Mortgage rates have fallen over the past two months. Investors wary of the European debt crisis and the turbulent stock market have shifted money into the safety of Treasury bonds, driving down yields. Mortgage rates tend to track the yields on long-term Treasury debt.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day. Rates on 15-year, fixed-rate mortgages fell to an average of 4.13 percent, the lowest on records dating to September 1991 and down from 4.2 percent a week earlier.

Rates on five-year, adjustable-rate mortgages averaged 3.84 percent, down from 3.89 percent a week earlier. That was also the lowest on Freddie Mac’s records, which only date back to January 2005.

Average rates on one-year, adjustable-rate mortgages fell to 3.77 percent from 3.82 percent. That was the lowest average since May 2004.

The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount.

The nationwide fee for loans in Freddie Mac’s survey averaged 0.7 a point for 30-year, 5-year and 1-year loans. The average fee for 15-year loans was 0.6 of a point.

Active Listings – 113

New Listings (May) – 19

Expired/Canceled listings – 8

Pending Sales 2010 – 3

Pending Sales 2010 v. 2009 – <50%>

Closed Sales – 14

Average Sales Price – $167,700.00

Total Market Time – 315 days

He said interest rate increases likely would resume before the job market fully recovers. “Even though technically we’ll be in recovery and the economy will be growing, unemployment will still be high for a while and that means that a lot of people will be under financial stress,” Bernanke explained.

Source: The New York Times, Sewell Chan (06/08/10)

□ Copies of at least one pay stub for each person signing the loan.

□ Account numbers of all your credit cards and the amounts for any outstanding balances.

□ Copies of two to four months of bank or credit union statements for both checking and savings
accounts.

□ Lender, loan number, and amount owed on other installment loans, such as student loans and
car loans.

□ Addresses where you’ve lived for the last five to seven years, with names of landlords if
appropriate.

□ Copies of brokerage account statements for two to four months, as well as a list of any other major assets of
value, such as a boat, RV, or stocks or bonds not held in a brokerage account.

□ Copies of your most recent 401(k) or other retirement account statement.

□ Documentation to verify additional income, such as child support or a pension.

□ Copies of personal tax forms for the last two to three years.