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Mortgage rates fall even lower

Fri, Aug 19, 2011

News

Mortgage rates hit a record low this week.

The average rate for a 30-year fixed-rate mortgage this week was the lowest in more than 50 years at 4.15 percent, according to a weekly survey conducted by Freddie Mac. That’s down significantly from 4.32 percent last week and 4.42 a year ago.

The average rate for a 15-year fixed-rate mortgage hit its lowest ever at 3.36 percent, down from 3.5 percent last week and 3.9 percent last year.

The rates were pushed lower by economic concerns about European debt and announcements about slow growth in the domestic economy.

From 1949 to 1971 the U.S. Bureau of Economic Research tracked mortgage data. After 1971, the duty fell to Freddie Mac.

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