By Michael Aneiro
Whatever it may or may not do for the economy and employment, QE3 continues to benefit mortgage rates, which hit record lows for a second straight week. Freddie Mac (FMCC) said Thursday that its latest Primary Mortgage Market Survey shows the average 30-year fixed-rate mortgage hit a new all-time record low of 3.40% for the week ended Sept. 27 and the average 15-year fixed fell to a new all-time record low at 2.73%. The 30-year rate is down from 3.49% a week earlier and 4.01% a year ago, while the 15-year rate is down from 2.77% a week ago and 3.28% a year ago.
“”Fixed mortgage rates continued to decline this week, largely due to the Federal Reserve’s purchases of mortgage securities, and should support an already improving housing market,” said Frank Nothaft, vice president and chief economist at Freddie Mac, in a statement.
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