30-year mortgage rate hits record low, again.

by 21 Jun 2012

(CNNMoney) -- The interest rate on a 30-year, fixed-rate mortgage reached a new low this week, falling to an average of 3.66%, according to a weekly survey of rates from Freddie Mac.

That was 0.01 percentage point below the previous record set two weeks ago. The rate for a 15-year, fixed dropped to 2.95%, a tick above the record low. The lows mirror bond yield performance.

"Treasury bond yields eased somewhat this week on some worsening economic indicators, bringing mortgage rates back into record low territory," said Frank Nothaft, chief economist for Freddie Mac.

He noted declines in industrial production, consumer sentiment and hiring as indicators that the economic recovery had slowed.

Homebuyers can't complain. The drop over the past year saves them $48 a month in mortgage payments for every $100,000 borrowed, compared with what they would have paid 12 months ago, when rates averaged 4.5%

Source CNN Money


  • by Erik | 6/21/2012 11:14:53 AM

    I would LOVE to see who's offering 3.66% on a FHLMC 30 year fixed rate mortgage at PAR (NO POINTS). It's easy to quote a rate without an APR. I am seeing 3.75% at PAR among the top 25 Wholesale lenders but everything depends on COMP for lender paid. I doubt highly and question that the "AVERAGE" rate is 3.66% (Assuming PAR) on a 30 year fixed.

  • by Jeff Chalmers | 6/22/2012 2:07:06 PM

    Check out our rates to see how much better we are versus the street.

  • by bayviewmortgage.com | 6/22/2012 4:32:22 PM

    I have 3.5% at par on a 30 year in Texas.
    with the new laws, everyone has to pre register their fees. I have low fees , 1 point on the back . So , I beat all the published quotes since most banks have 2 to 3 points on the back of all mortgages.


Is TILA-RESPA a good or bad thing long term?