Mortgage rates hit new low for economy

Mortgage rates fell once again this week, beating previous record lows, according to a regular weekly release from mortgage giant Freddie Mac. Last week, the rate for a 30-year, fixed-rate loan, the most popular mortgage product, dropped to 3.62 percent from 3.66 percent. According to Freddie Mac, the rate has met or exceeded a new low for 10 of the past 11 weeks. The 15-year fixed rate fell to 2.89 percent from 2.94 percent.

Freddie Mac’s Chief Economist Frank Nothaft said, “Recent economic data releases of less consumer spending and a contraction in the manufacturing industry drove long-term Treasury bond yields lower over the week, and allowed fixed mortgage rates to hit new all-time record lows.”