30-year fixed mortgage hits 2014 low, Freddie Mac says

|By:, SA News Editor

The average rate for a 30-year fixed-rate mortgage drops to 4.21%, the lowest rate since November and down from 4.29% a week ago, according to Freddie Mac's latest weekly report.

The average rate for the 15-year fixed-rate mortgage falls to 3.32% from 3.38% in the prior week.

A year ago, the respective 30- and 15-year rates were 3.42% and 2.61%.

"Mortgage rates continued moving down following the decline in 10-year Treasury yields after a dismal report on real GDP growth in the first quarter," according to Freddie chief economist Frank Nothaft.

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