Rate on 30-year mortgages falls to record low 3.87%
WASHINGTON
–
The average rate on 30-year fixed mortgages fell this week to a record low, the ninth time that has happened in the last year.
Rates have been low for more than a year
Source: http://www.usatoday.com/money/story/2012-02-02/weekly-mortgage-rates-new-low/52928272/1
But even with the cheapest home loan rates in history, the housing market remains depressed.
Mortgage buyer Freddie Mac says the rate on 30-year loans dropped to an average 3.87% this week. That is below the previous record of 3.88% two weeks ago.
The average on 15-year fixed mortgages fell to 3.14%, also a record low. Records for mortgage rates date back to the 1950s.
Source: http://www.usatoday.com/money/story/2012-02-02/weekly-mortgage-rates-new-low/52928272/1
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