30-Year Fixed Mortgage Sinks to Lowest Level on Record
Mortgage rates dipped to the lowest level on record according to data released Thursday, showing an opportunity for consumers to lock in payments on home purchases and refinancing.
Government controlled mortgage company, Freddie Mac (NYSE: FRE) announced Thursday that the average rate for a 30-year fixed loan dipped this week to 4.69 percent, from 4.75 percent last week.
This marks the lowest reading Freddie Mac has delivered since it began tracking the data in 1971. The previous bottom came in December 2009 when the average rate was 4.71 percent. Rates on 15-year and 5-year mortgages hit lows as well this week.
Mortgage rates tend to track the yields on long-term Treasury debt, and investors are fearful of the European debt crisis and have shifted money into safer Treasury bonds, pushing mortgage rates down over the last two months.
The data collected by Freddie Mac each week tracks the mortgage rates Monday through Wednesday, noting that rates are often volatile even throughout a single day.
Government controlled mortgage company, Freddie Mac (NYSE: FRE) announced Thursday that the average rate for a 30-year fixed loan dipped this week to 4.69 percent, from 4.75 percent last week.
This marks the lowest reading Freddie Mac has delivered since it began tracking the data in 1971. The previous bottom came in December 2009 when the average rate was 4.71 percent. Rates on 15-year and 5-year mortgages hit lows as well this week.
Mortgage rates tend to track the yields on long-term Treasury debt, and investors are fearful of the European debt crisis and have shifted money into safer Treasury bonds, pushing mortgage rates down over the last two months.
The data collected by Freddie Mac each week tracks the mortgage rates Monday through Wednesday, noting that rates are often volatile even throughout a single day.
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