Freddie Mac (the Federal Home Loan Mortgage Corporation) reports that mortgage rates in the U.S. hit record lows during the week ending June 24.

Mortgage loan averages for last week were down from the week before and from the same week last year. These include the 30-year fixed-rate mortgage (FRM), the 15-year FRM, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) and the 1-year Treasury-indexed ARM. Their rates were the lowest since Freddie Mac began keeping records for each, except for the 1-year ARM, whose lowest point was reached in March 2004.

According to Freddie Mac vice president Frank Nothaft, home sales also declined in May. The market had predicted a 6% rise that month for sales of existing homes, but instead had to settle for a 2.2% drop. New home sales fell by a staggering 32.7%.