Mortgage Rates Down to All-Time Record Lows

Freddie Mac released last Thursday its “Primary Mortgage Market Survey” showing that fixed mortgage rates hit new all-time record lows — signaling that homebuying affordability is high.

The 30-year fixed mortgage rate averaged at 3.84 %, down from the prior all-time record low of 3.87% recorded on February 9, 2012.

The 15-year fixed mortgage rate averaged at 3.07%, down from the prior all-time record low of 3.11% recorded on April 12, 2012.

“The 1-year ARM also averaged a new all-time record low in the PMMS at 2.70 percent,” Freddie Mac said in a statement.

Frank Nothaft, vice president and chief economist of Freddie Mac, in a statement said, “Signs of slowing economic growth and inflation remaining subdued allowed yields on Treasury bonds to ease somewhat and brought most mortgage rates to new all-time record lows this week.”

The chief economist of Freddie Mac added, “Real Gross Domestic Product rose at an annualized rate of 2.2 percent in the first quarter of this year, down from the previous quarter of 3.0 percent and below the market consensus forecast of 2.5 percent.”

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