The nation’s average 30-year fixed rate dropped this week to the record low 3.49 percent set in late July. Last week, it had been at 3.55 percent. The mortgage rate has remained below 4 percent for all but one week in 2012, according to Freddie Mac. Last year at this time, the average rate was at 4.09 percent. This week, average interest rates on 15-year, fixed-rate mortgages fell to a new low of 2.77 percent. It had been at 2.85 percent last week, Freddie Mac said. Last year at this time the average rate was at 3.29 percent.
During 2012 the rate has remained below 4 percent all but one week, according to Freddie Mac. An economist from Freddie Mac, Frank Nothaft attributes the new low rates to the the Federal Reserve’s announcement of a new bond purchase plan, which will likely aid in the ongoing housing recovery.
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