Rate on 30-year mortgage down to record 3.88 pct.

By: The Associated Press
By: The Associated Press

Thursday, Jan. 19, 2012

WASHINGTON (AP) -- The average rate on the 30-year fixed mortgage fell again this week to a record low. The eighth record low in a year is attracting few takers because most who can afford to buy or refinance have already done so.

Freddie Mac says the average rate on the 30-year fixed mortgage dipped to 3.88 percent this week, down from the old record of 3.89 percent one week ago.

The average on the 15-year fixed mortgage ticked up to 3.17 percent from 3.16 percent, which was also a record low. Records for mortgage rates date back to the 1950s.

Mortgage rates are lower because they tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.

(Copyright 2012, The Associated Press)


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