Photo: Flickr / Ryan LÂµdwig
Freddie Mac has reported that the national average 30-year fixed-rate mortgage dipped to 3.83 per cent this week, reaching a new low after posting a 3.84 per cent mark last week.Along with the 30-year rate dropping to a new low, the 15-year fixed-rate mortgage followed suit. After recording a 3.07 mark last week, the rate fell to 3.05 per cent.
Frank Northaft, vice president and chief economist of Freddie Mac commented on the new lows.
“Following April’s weaker than expected employment report, and the French and Greek election results raising concerns over the stability of the Euro currency zone, long-term Treasury bond yields declined allowing fixed mortgage rates to ease to new all-time record lows this week. The economy added just 115,000 jobs, below the market consensus forecast and less than in March. And although the unemployment rate declined, it reflected fewer people actively seeking jobs.”
[h/t USA Today]