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Mortgage rates reach new lows

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Mixed economic news caused mortgage rates to fall to new lows.

The 30-year, fixed-rate mortgage fell to 3.89 percent, compared with 3.91 percent last week. At this time last year, the average rate was 4.71 percent.

The 15-year, fixed-rate mortgage also fell to a new low — 3.16 percent, down from 3.23 percent last week. The rate a year ago was 4.08 percent.

“Mortgage rates eased slightly this week to all-time record lows following mixed indicators in the labor market,” Frank Nothaft said in a statement. “Although the economy added 1.6 million jobs in 2011, which was the most since 2006, the unemployment rate remained historically elevated.”


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