Mortgage rates continue to drop
- August 26, 2010
Average mortgage rates continued to drop last week amid concerns that a weak housing market would slow economic recovery.
The average 30-year, fixed-rate mortgage was 4.36 percent for the week ending Thursday, compared with 4.42 percent the week before, according to Freddie Mac. Last year, the average 30-year fixed-rate mortgage was 5.14 percent during the same week.
This is another record-low mortgage rate since Freddie Mac began monitoring mortgage rates in 1971.
Freddie Mac also reported that 15-year, fixed-rate mortgages fell to an all-time low at 3.86 percent. The company has been tracking those since 1991.
Freddie Mac Deputy Chief Economist Amy Crews Cuts said that concerns over the weak economy caused long-term bond yields to fall, pushing mortgage rates down.