Freddie Mac's Primary Mortgage Market Survey revealed that mortgage rates have hit a three month low. The 30-year fixed-rate mortgage is at an average of 3.60 percent, down 0.8 percent from just a week ago.
"Rates fell to the lowest level in three months and are about a quarter point above all-time lows," said Sam Khater, Freddie Mac’s Chief Economist.
"The very low rate environment has clearly had an impact on the housing market as both new construction and home sales have surged in response to the decline in rates, the rebound in the economy and improving financial market sentiment."
According to the report, the 15-year fixed-rate mortgage averaged 3.04 percent which also happens to be a 0.8 decline from a week ago.
To learn more about the dip in mortgage rates, click here.