Record-Low Mortgage Rates Again

Jul 12, 2012 11:15am

The average fixed mortgage rates reached all-time record lows again following June’s poor unemployment report.

Freddie Mac reported the 30-year fixed-rate mortgage fell to 3.56 percent for the week ending July 12, from last week when it averaged 3.62 percent and a year ago when it was 4.51 percent.

The 15-year rate averaged 2.86 percent, down from 2.89 percent last week and 3.65 percent one year ago.

Both averages were all-time record lows, according to the government-created mortgage financing agency.

The average 30-year fixed rate has been under 4 percent for 16 weeks and the average 15-year rate has been below 3 percent for seven weeks.

“Following a lackluster employment report for June, long-term U.S. Treasury bond yields eased somewhat this week allowing fixed mortgage rates to reach yet another record low,” said Frank Nothaft,  Freddie Mac vice president and chief economist.

 

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