WASHINGTON – Mortgage rates dipped yet again to record depths this week on growing worries over Europe’s sovereign-debt crisis, according to Freddie Mac.
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The average for the 30-year loan declined to 3.75% this week, from a record low of 3.78% last week; while the average for the 15-year mortgage fell to a new low of 2.97%, from 3.04% last week.
ARM rates were virtually unchanged, with the average for the five-year ARM rising slightly to 2.84%, from 2.83%; and the average for the one-year ARM unchanged at 2.75%.
"Market concerns over tensions in the Eurozone led to a decline in long-term Treasury bond yields helping to bring fixed mortgage rates to new record lows this week," said Frank Nothaft, chief economist for Freddie Mac.
