Average rates on fixed mortgages fell again this week to record lows, creating more incentive for buyers to enter the recovering housing market, The Associated Press reports.
Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan fell to 3.53 percent. That’s down from 3.56 percent last week and the lowest since long-term mortgages began in the 1950s.
The average rate on the 15-year mortgage, a popular refinancing option, declined to 2.83 percent, below last week’s previous record of 2.86 percent.
The rate on the 30-year loan has fallen to or matched record-low levels in 12 of the past 13 weeks.
