According to the Weekly Primary Mortgage Market Survey by Freddie Mac, the
15-year fixed-rate average dropped to a new all-time low of 3.11 percent. This rate is down from 3.21 percent last week and far lower than what it was one year ago at 4.13 percent.
The 30-year also came close to its record low of 3.87 (recorded in February), averaging 3.88 percent this week. One year ago, the 30-year averaged 4.91 percent.
The 5-year and 1-year hybrid adjustable rates remained relatively unchanged from last week, currently averaging at 2.85 percent and 2.80 percent, respectively.
Vice president and chief economist for Freddie Mac, Frank Nothaft, pointed to last week’s weaker-than-expected employment report from the government as an explanation for the continued drop in the rates.
“Although the unemployment rate fell to the lowest reading since January 2009, the overall economy added just 120,000 new jobs in March, nearly half that of the market consensus forecast,” he said.
However, Nothaft pointed out that the Federal Reserve’s latest report showed that hiring was steady across most of its banking districts and that overall economic conditions were improving.
According to data released by RealtyTrac on Thursday, the number of foreclosure filings fell during the first quarter of 2012 to their lowest levels since the housing market began its collapse in 2007.
In other mortgage news, the chief regulator for Fannie Mae and Freddie Mac said Tuesday that new data indicates that it might make financial sense for the government-backed mortgage giants to reduce the loan balances of some struggling homeowners. However, according to the report, more study would be needed before every making such a move.
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