Mortgage rates drop again to all-time lows

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The average 30-year fixed-rate mortgage dropped this week to tie its all-time record at 4.32 percent, according to Freddie Mac.

Last week, the average rate was 4.37 percent and a year ago the average rate was 4.94 percent.

The 15-year, fixed-rate mortgage hit an all-time low of 3.75 percent. That was down from last week’s average rate of 3.82 percent. Last year at this time, the average rate was 4.36 percent.

“Confidence in the state of the economy fell among consumers and businesses, which led to a decline in long-term bond yields and brought many mortgage rates to record lows this week,” Frank Nothaft, vice president and chief economist of Freddie Mac, said in a statement. “The September Consumer Confidence Index by the Conference Board fell to the lowest level since February of this year, while the Business Roundtable CEO Business Outlook”  for the third quarter was the weakest in the past four quarters.

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