The average interest rate on the benchmark 30-year, fixed-rate mortgage hit another low this week.
For anyone counting, that means the interest rate has matched or hit a new low in 10 of the past 11 weeks.
Freddie Mac reported that the average rate on a 30-year, fixed-rate mortgage was 3.62 percent, down from 3.66 percent last week. A year ago, the rate was 4.60 percent.
The average rate on a 15-year, fixed rate mortgage fell as well, to 2.89 percent, from 2.94 percent a week ago. A year ago, the average rate on that mortgage product was 3.75 percent.
While the continually lower rates are good news for homebuyers and homeowners looking to refinance their mortgages, they also are a sign of a slowing economy, as evidenced by a spate of recent economic reports.
The economic data has pushed long-term Treasury bond yields lower, according to Freddie Mac chief economist Frank Nothaft.
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