Mortgage rates have hit new record lows…again!
Data released this week by Freddie Mac shows that the average rate on a 30-year loan has dropped to 3.84%, while the 15-year is down to 3.07%. The previous record on the 15-year rate was only three weeks old at 3.11%, while the lowest rate on the 30-year loan was seen back in February at 3.87%.
This recent drop, according to Freddie Mac economist Frank Nothaft, is most likely due to easing Treasury bond yields from the slowing economic growth, even though the overall economy is continuing to improve.
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