Industries Banking/Finance

15-year fixed-rate mortgage hits record low

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A survey by McLean-based Freddie Mac found that the average for 15-year fixed-rate mortgages has dropped to a new record low.

Freddie Mac’s Primary Mortgage Market Survey showed fixed mortgage rates declining for the third consecutive week on the heels of a weaker than expected employment report.

The 30-year fixed mortgage averaged just above its record low while the 15-year fixed-rate mortgage averaged a record low of 3.11 percent. That broke the previous low of 3.13 percent on March 8, 2012. A year ago at this time, the 15-year fixed rate averaged 4.13 percent.

The 30-year fixed-rate mortgage averaged 3.88 percent for the week ending April 12, down from last week when it averaged 3.98 percent. Last year at this time, the 30-year rate averaged 4.91 percent.

“Fixed mortgage rates eased for the third consecutive week following long-term Treasury bond yields lower after a weaker than expected employment report for March,” Frank Nothaft, vice president and chief economist of Freddie Mac, said in a statement..

“Although the unemployment rate fell to the lowest reading since January 2009, the overall economy added just 120,000 new jobs in March, nearly half that of the market consensus forecast,” he said. “On a more positive note, the Federal Reserve reported hiring was steady, or showed a modest increase, across many of its Districts in its April 11th Beige Book of regional economic conditions.”

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