Thursday, May 17, 2012
Average U.S. rates for 30-year and 15-year fixed mortgages fell to record lows for the third straight week. The steady decline has made 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 dipped to 3.79 percent. That's down from 3.83 percent last week and the lowest since long-term mortgages began in the 1950s.
The 15-year mortgage, a popular option for refinancing, declined to 3.04 percent. That's down from last week's previous record of 3.05 percent.
Rates on the 30-year loan have been below 4 percent since early December. The cheaper rates have helped boost builder confidence. But so far, they have done little to ignite sales.