15-year mortgage rate falls below 3 percent

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The average 15-year, fixed-rate mortgage has fallen below 3 percent, according to Freddie Mac.

The 15-year rate was down to 2.97 percent from 3.04 percent last week. The 30-year, fixed-rate mortgage also reached a new record low of 3.75 percent, down from 3.78 percent last week.

A year ago, the average 15-year mortgage was 3.74 percent while the 30-year rate was 4.55 percent a year ago.

“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, vice president and chief economist at Freddie Mac. “Compared to a year ago, rates on 30-year fixed mortgage rates are almost 0.9 percentage points lower which translates into nearly $1,200 less in annual payments on a $200,000 loan.”

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