Rate on 30-year mortgage hits record 3.84 percent

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.

Mortgage buyer Freddie Mac said Thursday that 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 3.11 percent was hit three weeks ago.

Still, cheaper mortgage rates haven't done much to boost home sales.


Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/05/04/REHO1OCUD9.DTL#ixzz1uC1ufl10