Average Fixed Rates Continue to Drop

A couple of days ago, Freddie Mac released a survey that showed the 30-year fixed rate mortgage averaged 3.67%, a record low for the 6th consecutive week. This is down from nearly 4.5% one year ago. The 15-year fixed rate is down also, falling below 3%, while one year ago it was well over 3.5%.

“Fixed mortgage rates reached new record lows for the sixth consecutive week as long-term Treasury bond yields declined further following downwardly revised economic growth and job creation data,” explained Freddie Mac’s VP/Chief Economist Frank Nothaft. Additional factors include a lack-luster 60,000 jobs added in May, and a GDP rise of less than 2%.

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