Rate On 30-Year Mortgage Hits New Record Rates

By: Associated Press
By: Associated Press

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Thursday, May 10, 2012

Average U.S. rates for 30-year and 15-year fixed mortgages fell to fresh record lows this week, making home-buying and refinancing more affordable than ever for those who can qualify.

Mortgage buyer Freddie Mac says the rate on the 30-year loan ticked down to 3.83 percent. That's the lowest since long-term mortgages began in the 1950s and below the previous record rate of 3.84 percent reached last week.

The 15-year mortgage, a popular option for refinancing, dropped to 3.05 percent, also a record. That's down from last week's previous record of 3.07 percent.

Cheaper mortgage rates haven't done much to boost home sales. Rates have been below 4 percent for all but one week since early December. Yet sales of both previously occupied homes and new homes fell in March.


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