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Freddie Mac: Slight drop sets record low for mortgage rates.

By Palm Beach Business.com

DELRAY BEACH — Mortgage rates dropped to a record low, as measured by Freddie Mac, and near a record low, as measured by Bankrate. Both mortgage rate surveys were released on Wednesday, a day early because of the Thanksgiving holiday.

Freddie Mac’s Primary Mortgage Market survey had the average 30-year fixed-rate mortgage dropping to 3.31 percent with 0.7 point, down from last week’s 3.34 percent. Bankrate’s national mortgage survey had the 30-year at 3.53 percent with 0.39 point, down from 3.54 percent a week earlier. The rate is a basis point higher than Bankrate’s all-time low for the 30-year set in early October.

"Fixed mortgage rates continued to ease somewhat this week to record lows and should help the ongoing housing recovery,” Freddie Mac Chief Economist Frank Nothaft said.

The 15-year also hit a record low, according to Freddie Mac, averaging 2.63 percent with 0.7 point, down from 2.65 percent a week ago. Bankrate had the 15-year fixed-rate at 2.86 percent with 0.30 point, down from 2.87 percent a week ago.

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