Freddie Mac has announced that the 15-year fixed-rate mortgage (FRM) averaged a ‘new all-time record low’ of 3.11%, breaking its previous low of 3.13% on March 8. The 30-year FRM averaged at 3.88%, just above its record low.
‘Fixed mortgage rates eased for the third consecutive week following long-term Treasury bond yields [that were] lower after a weaker-than-expected employment report for March,’ says Frank Nothaft, vice president and chief economist at Freddie Mac. ‘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,’
However, Nothaft believes that better news is coming soon.
‘On a more positive note, the Federal Reserve reported hiring was steady, or showed a modest increase, across many of its districts in its April 11 Beige Book of regional economic conditions,’ he says.