Mortgage rates hit new low
ASSOCIATED PRESS May 3, 2012 9:38AM
Updated: June 5, 2012 11:33AM
Mortgage buyer Freddie Mac says the rate on the 30-year loan fell to 3.84 percent this week, 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. AP