Fixed-rate Mortgages at All-time Low

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The interest rate on a 30-year fixed-rate mortgage fell to an all-time low of 3.84% last week according to Freddie Mac. The previous record low was 3.87% set in February, and the rate one year ago was 4.71%.

A 15-year fixed-rate loan averaged 3.07%, also an all-time low, besting the 3.12% rate from a month ago. A year ago the rate stood at 3.89%.

The interest rate on a Treasury-indexed hybrid 5-year adjustable-rate mortgage loan remained at 2.85%, down from 3.47% a year ago.

According to a Freddie Mac executive:

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.