Fixed-rate mortgages continued to fall to record-lows this week as inflation seems to be holding steady, according to Freddie Mac.
The average 30-year, fixed-rate mortgage fell to 4.32 percent, down from 4.36 percent last week. This is the lowest rate since Freddie Mac began tracking mortgages in 1971. A year ago, the average rate was 5.08 percent.
The average 15-year, fixed-rate mortgage also hit a record low of 3.83 percent, compared with 3.86 percent last week. A year ago the average rate was 4.54 percent.
“The 12-month price growth of core personal expenditures remained at 1.4 percent in July, which kept overall inflation expectations well at bay,” Freddie Mac Deputy Chief Economist Amy Crews Cutts said in a statement. “As a result, mortgage rates eased further this week to new historic lows.”
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