Mortgage interest rates hit new record lows again last week according to Freddie Mac! The 30-year, fixed rate mortgage averaged 3.4%, breaking through it’s all-time low set in July and falling from last week’s 3.49%. Last year at this time, the 30-year fixed rate mortgage averaged 4.01%.
All mortgage products, except the 5-year adjustable rate mortgage, averaged all-time lows.
The 15-year fixed rate mortgage, a popular refinancing choice, averaged 2.73%, falling from 2.77% last week and setting a record low. A year ago, the average rate for a 15-year fixed rate mortgage was 3.28%. The new record lows should help support the recovering real estate market.