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Mortgage Rates Fall to Lowest Level in Nearly 2 Years

Mortgage Rates

Jan 15, 2015

By: 

 

David Sacks/Digital Vision/Thinkstock

If you haven’t locked in the low mortgage rates everybody’s talking about, don’t despair—it’s not too late. Fixed mortgage rates dropped again this week, putting them at their lowest level since May 2013—and analysts predict they’ll continue falling.

The 15-year fixed rate also hit a milestone this week, falling below 3% for the first time since May 2013.

“Mortgage rates fell for the third consecutive week as oil prices plummeted and long-term Treasury yields continued to drop despite a strong employment report,” said Frank Nothaft, vice president and chief economist at Freddie Mac. “The economy exceeded expectations by adding 252,000 jobs in December, which followed an upward revision of 50,000 jobs to the prior two months. The unemployment rate fell to 5.6 percent, which was the lowest since June 2008.”

The average interest rate on a 30-year fixed mortgage dipped to 3.66% from 3.73% last week, according to the latest survey from Freddie Mac.

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