(WASHINGTON) — The average rate for a 15-year fixed-rate mortgage hit a record low of 3.88 percent for the week ending April 12, according to Freddie Mac.
The rate fell .10 percent from the previous week and is .01 percent below the previous 30-year mortgage rate of 3.87 record set in February. The average rate for 15-year mortgages fell to a record low 3.11 percent.
“Fixed mortgage rates eased for the third consecutive week following long-term Treasury bond yields lower after a weaker than expected employment report for March,” Frank Nothaft, vice president and chief economist at Freddie Mac, said in a statement.
“Although the unemployment rate fell to the lowest reading since January 2009, the overall economy added just 120,000 new jobs in March, nearly half that of the market consensus forecast,” said Nothaft. “On a more positive note, the Federal Reserve reported hiring was steady, or showed a modest increase, across many of its Districts in its April 11th Beige Book of regional economic conditions.”
For the week ending April 6, the Mortgage Bankers Association saw a 2.4 percent drop in mortgage applications from the previous week.
Copyright 2012 ABC News Radio
Matt Egan, CNN
Jethro Mullen Ivana Kottasova and Patrick Gillespie, CNN
Aaron Smith, CNN Newswire
Madison Park, CNN