Every week, Freddie Mac releases a report on mortgage rates. And for the past several weeks, just about every report has seen those rates drop. Now, they’re at yet another all-time low.
Why the record-breaking drop?
“Recent economic data releases of less consumer spending and a contraction in the manufacturing industry drove long-term Treasury bond yields lower over the week, and allowed fixed mortgage rates to hit new all-time record lows,” Frank Nothaft, Freddie Mac’s chief economist, told CNNMoney.com.
Last week, the rate for a 30-year, fixed-rate loan was 3.66%. This week, the popular loan is down to 3.62%.
The 15-year fixed rate — which tends to attract homeowners looking to refinance or seeking a trade-up — also dropped. It now sits at 2.89% from a rate of 2.94% last week.
The rate has matched or hit a new low for 10 of the past 11 weeks.
-Alyssa Oursler, InvestorPlace Editorial Assistant