By: Esther Cho
Just when it seemed like they could not fall any further, fixed-rate mortgages continued to drop, breaking record-low numbers once again, according to Freddie Mac’s weekly mortgage market survey.
“The European debt crisis overshadowed improving economic indicators for the U.S. and allowed Treasury bond yields and fixed mortgage rates to ease for another week,” said Frank Nothaft, VP and chief economist for Freddie Mac.
The 30-year fixed-rate mortgage averaged 3.79 percent (0.7 point) for the week ending May 17, slipping from last week’s average of 3.83 percent. Last year at this time, the 30-year rate was 4.61 percent.
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