Posted: May 31, 2012 8:08 AM by Associated Press
Updated: May 31, 2012 8:08 AM
WASHINGTON (AP) - Average U.S. rates on 30-year and 15-year fixed mortgages dropped to record lows again this week, with the 15-year loan dipping below 3 percent for the first time ever. Low rates have helped brighten the outlook for home sales this year.
Mortgage buyer Freddie Mac says the average rate on the 30-year loan fell to 3.75 percent. That's down from 3.78 percent last week and the lowest since long-term mortgages began in the 1950s.
The 15-year mortgage, a popular refinancing option, slipped to 2.97 percent. That's down from 3.04 percent last week.
Rates on the 30-year loan have been below 4 percent since early December. The low rates are a key reason the housing industry is showing modest signs of a recovery this year.
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