15-Year Fixed Mortgage Rate Falls Below 3% for the First Time on Record

For the first time in Freddie Mac’s Primary Mortgage Market Survey, the average 15-year fixed mortgage rate fell to a record low; while the 30-year fixed mortgage rate dropped to a new all-time record low for the fifth consecutive week.

Based on Freddie Mac’s latest Primary Mortgage Market Survey which was released last May 31, for the first time in Freddie Mac’s weekly survey, the 15-year fixed mortgage rate dropped to 2.97%, down from the previous week when it averaged 3.04%.

The average 30-year fixed mortgage rate, meanwhile, fell for the fifth consecutive week to 3.75%, down from the previous week when it averaged at 3.78%.

Frank Nothaft, vice president and chief economist of Freddie Mac, said in a statement, “Market concerns over tensions in the Eurozone led to a decline in long-term Treasury bond yields helping to bring fixed mortgage rates to new record lows this week.”

The vice president and chief economist of Freddie Mac added, “Compared to a year ago, rates on 30-year fixed mortgage rates are almost 0.9 percentage points lower which translates into nearly $1,200 less in annual payments on a $200,000 loan.”

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