Mortgage rates in the US have reached another record low, according to a new survey conducted by Freddie Mac.
The average 30-year fixed rate mortgages was 4.19 percent in the week that ended October 14, down from 4.27 percent in the previous week, which could have been the lowest rates on record.
The record-low interest rates have given struggling home buyers a small sign of hope after the homebuyer tax credit expired early this year. But the sluggish job market and the weak economy mean the housing market is still dealing with an overabundance of inventory.
Meanwhile, the average rate for 15-year fixed mortgages dropped to 3.62 percent from 3.72 percent, the lowest rate since Freddie Mac started tracking the loan in 1991.
“September’s employment report held no big surprises to financial markets, allowing long-year term bond yields and fixed mortgage rates to continue to ease,” said Frank Nothaft, chief economist and vice president of Freddie Mac.
“As a result, both the 30-year and 15-year fixed mortgage rates hit all-time record lows for the third consecutive week.”