15-Year Mortgage Rates Hit All-Time Low

• April 12th 2012

by UrbanTurf Staff

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While 30-year mortgage rates dropped slightly, the big news from Freddie Mac this week is that 15-year mortgage rates have hit an all-time record low.

This morning, Freddie Mac reported 3.11 percent with an average 0.7 point as the average on a 15-year mortgage. 30-year mortgages landed just above their all-time low, with Freddie Mac reporting 3.88 percent with an average 0.7 point. Rates have now been declining for three consecutive weeks, and both 15-year and 30-year rates are a full point lower than they were a year ago.

From Freddie Mac vice president and chief economist Frank Nothaft:

Fixed mortgage rates eased for the third consecutive week following long-term Treasury bond yields lower after a weaker than expected employment report for March. Although the unemployment rate fell to the lowest reading since January 2009, the overall economy added just 120,000 new jobs in March, nearly half that of the market consensus forecast. On a more positive note, the Federal Reserve reported hiring was steady, or showed a modest increase, across many of its Districts in its April 11th Beige Book of regional economic conditions.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/15-year_mortgage_rates_hit_all_time_low/5407.