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US Rate On 30-Year Mortgage Hits Record 3.84 Pct.

Average U.S. rates for 30-year and 15-year fixed mortgages fell to fresh record lows this week, offering more incentive for Americans to buy or refinance homes.

Scott Olson, Getty Images

Mortgage buyer Freddie Mac says the rate on the 30-year loan fell to 3.84 percent, the lowest since long-term mortgages began in the 1950s. That’s below the previous record rate of 3.87 percent
reached in February.

The 15-year mortgage, a popular option for refinancing, dropped to 3.07 percent, also a record. The previous record of 3.12 percent hit last week.

Mortgage rates have been below 5 percent for the past year. Yet homes sales have slumped and remain well below healthy levels.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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