Mortgage rates set record low for sixth week in row

Mortgage rates fell to new lows for the sixth straight week! According to Freddie MAc, lenders are offering the 30-year fixed rate loan at the average 3.67% down from 3.75% a week ago.  


15-year fixed-rate loan average 2.94% down from 2.97% last week.  


Why are rates dropping?


Frank Nothaft, Freddie Mac economist, claims that reports showing weak growth in jobs and the economy.  This puts pressure to central bankers to keep rates down.  


With rent prices continuing to climb, home buying is becoming more appealing for some renters. 




To read the LATimes article, click here.