Mortgage rates fall to new record low

30-year fixed-rate mortgage averages 3.07% for the week ending July 2, down from 3.13% in the previous week and 3.75% at this time a year ago, according to the Freddie Mac Primary Mortgage Market Survey.

That's the lowest rate in the survey's history dating back to 1971.

“Mortgage rates continue to slowly drift downward with a distinct possibility that the average 30-year fixed-rate mortgage could dip below 3 percent later this year,” said Freddie Chief Economist Sam Khater.

15-year FRM averages 2.56% vs. 2.595 in the previous week and 3.18% a year ago.

5-year Treasury-indexed hybrid adjustable rate mortgage averages 3.00% vs. 3.08% in the prior week and 3.45% a year ago.