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US rate on 30-year mortgage hits record 3.83 pct.
Posted: May 10, 2012 8:46 AM by Associated Press
WASHINGTON (AP) - 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.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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