15-year mortgage rates hit a new low

WASHINGTON, April 12 (UPI) -- Average U.S. mortgage rates for 15-year contracts hit a record low in the week ending Thursday, the Federal Home Loan Mortgage Corp. said.

Average rates for 15-year fixed-rate mortgages fell from 3.21 percent to 3.11 percent with 0.7 point, Freddie Mac said.

In the same week of 2011, the average rate for 15-year loans stood at 4.13 percent.

Rates for 30-year contracts have held to less than 4 percent for three consecutive weeks, falling this week from 3.98 percent to 3.88 percent with 0.7 point. Thirty-year mortgage rates averaged 4.91 percent the same week of 2011.

Five-year adjustable rate mortgages averaged 2.85 percent for the week with an average 0.8 point, down from last week's average rate of 2.86 percent. A year earlier, five-year adjustable rate contracts averaged 3.78 percent.

One-year treasury-indexed adjustable mortgage rates rose to 2.8 percent with 0.6 point from 2.78 percent. A year ago, rates for these loans averaged 3.25 percent.

Weaker than expected employment figures for March undermined yield rates, which affected mortgage rates, said Frank Nothaft, Freddie Mac's vice president and chief economist.

"On a more positive note," he said, "the Federal Reserve reported hiring was steady, or showed a modest increase, across many of its districts in its April 11 Beige Book of regional economic conditions."