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| Mortgage Rates Hit All-Time Low |
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Fixed mortgage rates hit new all-time lows this week, according to Freddie Mac. The 30-year fixed mortgage rate averaged 3.84% for the week ending May 3, 2012 -- the lowest rate ever recorded. Last year at this time, the 30-year fixed mortgage rate averaged 4.71%. The rate's previous all-time record was 3.87%, registered on February 9, 2012. The 15-year fixed mortgage rate, a popular refinancing choice, also hit an all-time low at 3.07%. A year ago, the average rate for a 15-year fixed mortgage rate was 3.89%. Freddie Mac Chief Economist Frank Nothaft reported "signs of slowing economic growth and inflation remaining subdued allowed yields on Treasury bonds to ease somewhat and brought most mortgage rates to new all-time records lows this week." |