15-year mortgage rate hits record low

By Martin Wolk

Mortgage rates fell over the past week, sending the 15-year benchmark to a record low, mortgage giant Freddie Mac said Thursday.

While 30-year fixed-rate mortgages are more common, low mortgage rates have made 15-year notes more realistic for some homeowners, especially those who have relatively low balances and want to pay off their principal more quickly.

The average 15-year rate for mortgage deals done over the past week was 3.11 percent, down from 3.13 percent a week ago. Monthly principal and interest payments on a $200,000 mortgage at that rate would be about $1,392.

Meanwhile the average 30-year rate fell last week to 3.88 percent from 3.98 percent. That would equate to an average monthly payment of $941 on the same $200,000 mortgage. Payments are lower on the longer-term mortgage, but interest paid over the life of the loan is far higher.

Rates fell for a third straight week in part because of last Friday's weak monthly employment report, said Frank Nothaft, chief economist for Freddie Mac.

"On a more positive note, 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," Nothaft said.

farrah abraham whats going on venus williams bowl projections bedlam bedlam cotto vs margarito 2