Rate on 30-year mortgage falls to record 4.01 percent

The Associated Press
Posted Sept. 29, 2011, at 6 p.m.

WASHINGTON — Fixed mortgage rates have fallen to historic new lows for a fourth straight week and are likely to fall further.

The average on a 30-year fixed mortgage fell to 4.01 percent from 4.09 percent this week, Freddie Mac said Thursday. That’s the lowest rate since the mortgage buyer began keeping records in 1971. The last time long-term rates were lower was in 1951, when most long-term home loans lasted just 20 or 25 years.

The average on a 15-year fixed mortgage, a popular refinancing option, ticked down to 3.28 percent. Economists say that’s the lowest rate ever for the loan.

Rates on mortgages could fall further after the Federal Reserve announced last week that it would take action to try to lower long-term rates.

http://bangordailynews.com/2011/09/29/business/rate-on-30-year-mortgage-falls-to-record-4-01-percent/ printed on July 25, 2014