Rate on 15-year mortgage at new low: 3.11%
ASSOCIATED PRESS April 12, 2012 9:18AM
Updated: April 12, 2012 7:18PM
The average rates on the 15- and 30-year fixed mortgages dropped. Mortgage buyer Freddie Mac says the rate on the 30-year loan fell to 3.88 percent from 3.98 percent. That’s just above the rate of 3.87 percent reached in February, the lowest since long-term mortgages began in the 1950s.
The 15-year mortgage, a popular option for refinancing, plunged to a fresh low of 3.11 percent from 3.21 percent last week. The previous record of 3.13 percent was hit last month.