July 5, 2012

30-year, 15-year rates set record lows

Fixed U.S. mortgage rates fell again to new record lows, providing prospective buyers with even more incentive to brave a modestly recovering housing market, The Associated Press reports.

Mortgage buyer Freddie Mac said Thursday that the average on the 30-year loan dropped to 3.62 percent. That's down from 3.66 percent last week and the lowest since long-term mortgages began in the 1950s.

The average rate on the 15-year mortgage, a popular refinancing option, slipped to 2.89 percent, below last week's previous record of 2.94 percent.

The rate on the 30-year loan has fallen to or matched record low levels in 10 of the past 11 weeks.

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