WASHINGTON – Long-term mortgage rates fell again this week for the sixth week in a row to new depths, as economic data continued to lag.
The average for the benchmark 30-year, fixed-rate loan fell this week to a new low of just 3.67%; from 3.75% last week; while the average for the 15-year mortgage declined to only 2.94%, from 2.97%, according to Freddie Mac.
“Fixed mortgage rates reached new record lows for the sixth consecutive week as long-term Treasury bond yields declined further following downwardly revised economic growth and job creation data,” said Frank Nothaft, chief economist for the mortgage company.
The plunge in rates, which has extended to all loan types, has spurred all kinds of low-rate loan specials and helped credit unions boost their real estate lending to record amounts.
ARM rates also remained near record lows, with the average for the five-year ARM unchanged from last week at 2.84%; and the average for the one-year ARM tipping up slightly to 2.79%, from 2.75% last week.
