Mortgage Interest Rates for 15-Year FRM Hit a New Record Low

The Freddie Mac Primary Mortgage Market Survey (PMMS) results this week showed that the average mortgage interest rate for the 15-year fixed rate mortgage (FRM) set a new record low, landing at 2.56%. Compared to last week’s survey, the 15-year FRM was 2.61% and at 3.07% a year ago. Meanwhile, 30-year FRM interest rates dipped to 3.35%, nearing their lowest recorded rate of 3.31% in November 21, 2012. Frank Nothaft, vice president and chief economist for Freddie Mac, accredited the recent decreases in mortgage interest rates to “the release of the advance estimate of real GDP growth for the first quarter of the year, which rose 2.5 percent but fell short of the market consensus forecast.” Nothaft pointed out in his statement that the housing sector has been essential to economic recovery.

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