Mortgage rates drop to record lowSubmitted by emalvini on Thu, 11/22/2012 - 07:04
Mortgage rates drop to record low
By Adolfo Flores
November 21, 2012, 1:12 p.m.
Fixed mortgage rates fell to record lows for the second week in a row, a welcome sign for a recovering housing market, economists said.
The average rate on a 30-year loan was 3.31%, the lowest since 1971, according to figures released Wednesday by mortgage giant Freddie Mac. That's down from 3.34% last week.
The average on 15-year loans was 2.63%, down from last week’s 2.65%, also setting a record. A year ago it averaged 3.30%.