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Bankrate, Freddie Mac: Mortgage rates set record low — again

By Palm Beach Business.com

DELRAY BEACH —  Mortgage rates fell modestly over the past week, as the economy continued to show signs of slowing and European politics cast a pall of uncertainty, but it was enough to set yet another record low.

Freddie Mac’s  Primary Mortgage Market Survey found the 30-year fixed-rate mortgage averaging 3.83 percent with 0.7 point, down from 3.84 percent a week ago. Freddie Mac said the 30-year has been below 4.00 percent every week except one since Dec. 8.

Bankrate’s national mortgage survey also found the 30-year dropping to a record low, to 4.02 percent with 0.43 point, down from 4.05 percent.

"Following April's weaker than expected employment report, and the French and Greek election results raising concerns over the stability of the Euro currency zone, long-term Treasury bond yields declined allowing fixed mortgage rates to ease to new all-time record lows this week,” Freddie Mac Chief Economist Frank Nothaft said.

“The economy added just 115,000 jobs, below the market consensus forecast and less than in March. And although the unemployment rate declined, it reflected fewer people actively seeking jobs."

The 15-year dropped in both surveys, to 3.05 percent with 0.7 point from 3.07 percent a week earlier, according to Freddie Mac, and to 3.20 percent with 0.40 point from 3.25 percent a week ago.