Mortgage buyer Freddie
Mac says the average rate on 30-year loans fell to 3.56%. That's down from
3.62% last week and the lowest since long-term mortgages began in the 1950s.
The average rate on 15-year mortgages, a popular
refinancing option, dipped to 2.86%, below last week's previous record of
2.89%.
The rate on 30-year loans has fallen to or matched record
lows 11 of the past 12 weeks.
Cheaper mortgages have contributed to a modest housing
recovery this year.
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