The interest rate on a 30-year fixed-rate mortgage fell to an all-time low of 3.83% last week according to Freddie Mac. The previous record low was 3.84% set in last week, and the rate one year ago was 4.63%.
A 15-year fixed-rate loan averaged 3.05%, also an all-time low, besting the 3.07% rate from a week ago. A year ago the rate stood at 3.82%.
The interest rate on a Treasury-indexed hybrid 5-year adjustable-rate mortgage loan fell to 2.81%, down from 2.85% last week, and down from 3.41% a year ago.
According to a Freddie Mac executive:
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.