NEW YORK (CNNMoney) -- The interest rate on a 30-year, fixed-rate mortgage reached a new low this week, falling to an average of 3.66%, according to a weekly survey of rates from Freddie Mac.
That was 0.01 percentage point below the previous record set two weeks ago. The rate for a 15-year, fixed dropped to 2.95%, a tick above the record low. The lows mirror bond yield performance.
"Treasury bond yields eased somewhat this week on some worsening economic indicators, bringing mortgage rates back into record low territory," said Frank Nothaft, chief economist for Freddie Mac (Most affordable U.S. cities to buy a home)). (
He noted declines in industrial production, consumer sentiment and hiring as indicators that the economic recovery had slowed.
Homebuyers can't complain. The drop over the past year saves them $48 a month in mortgage payments for every $100,000 borrowed, compared with what they would have paid 12 months ago, when rates averaged 4.5%.
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|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.75%||3.66%|
|15 yr fixed||2.89%||2.79%|
|30 yr refi||3.74%||3.64%|
|15 yr refi||2.89%||2.79%|
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