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Mortgage Rates Hit Record Lows

The average U.S. rate on the 30-year fixed mortgage touched its record low this week and the rate on 15-year mortgage hit a record.

The declines followed the Federal Reserve announcement last week that it would buy bonds to try to push mortgage rates lower and stimulate the housing market.

Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan declined to 3.49 percent from 3.55 percent last week. That matched the lowest rate since long-term mortgages began in the 1950s.

The average on the 15-year fixed mortgage, a popular refinancing option, plunged to 2.77 percent, a record. That's down from 2.85 percent last week and the previous record low of 2.80 percent.

Source: AP. Read full article. (link)

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