According to Freddie Mac?s Primary Mortgage Market Survey? released on October 16, 2014, the weekly average rate for 30-year fixed-rate mortgages fell just below 4 percent. The average rate dropped again the following week ending on October 23. The average 30-year fixed-rate has not been this low since the week of June 20, 2013, which is also the last time it averaged below 4 percent.
?Mortgage rates were down sharply following the decline in the 10-year Treasury yield for the second straight week. Rates are at their lowest levels since June 2013 amidst continued investor skepticism regarding the precarious economic situation in Europe.? explains Frank Nothaft, vice president and chief economist at Freddie Mac. ?We never thought we?d see a 30-year fixed-rate mortgage below 4 percent again,? said Nothaft.