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Freddie Mac: Mortgage rates hit a record low — again

By Palm Beach Business.com

DELRAY BEACH — It’s sounding like a broke record — mortgage rates continue to fall to lows never seen before.

Freddie Mac’s Primary Mortgage Market Survey found the 30-year fixed-rate mortgage dropping to a record low of 3.89 percent with 0.7 point from 3.91 percent a week earlier. It’s the sixth consecutive week that the 30-year has been below 4.00 percent.

Bankrate’s national mortgage survey found the 30-year averaging 4.18 percent with 0.33 percent, same as a week ago.

"Mortgage rates eased slightly this week to all-time record lows following mixed indicators in the labor market,” Freddie Mac Chief Economist Frank Nothaft said. “Although the economy added 1.6 million jobs in 2011, which was the most since 2006, the unemployment rate remained historically elevated. The 2009 to 2011 period had the highest three-year average unemployment rate since 1939 to 1941.

“Moreover, the Federal Reserve indicated in its January 11th regional economic review that most industries saw limited permanent hiring at the end of last year."

The 15-year fixed-rate mortgage fell to new record lows in both surveys — to 3.16 percent with 0.8 point, down from 3.23 percent a week ago, according to Freddie Mac, and to 3.38 percent with 0.31 point from 3.40 percent the previous week, according to Bankrate.