Mortgage rates again hit all-time lows

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Mortgage rates again hit record lows this week on weak economic news and the Federal Reserve’s purchase of mortgage securities, according to Freddie Mac.

The average 30-year, fixed-rate mortgage was 3.36 percent, down from 3.4 percent last week. Last year at this time, the 30-year rate was 3.94 percent. Last year, the 30-year rate was 3.94 percent.

The 15-year, fixed-rate mortgage averaged at 2.69 percent, down from 2.73 percent last week. A year ago at this time, the 15-year, fixed-rate mortgage was 3.26 percent.

“Final estimate of growth in Gross Domestic Product was revised down to 1.3 percent in the second quarter, representing the slowest growth in a year,” Freddie Mac Chief Economist and Vice President Frank Nothaft said in a statement. “In addition, personal incomes rose only 0.1 percent in August, while July’s increase was revised downward. And finally, pending home sales in August fell 2.6 percent, well below the market consensus forecast of a slight increase.”

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