WASHINGTON (AP) -- Average rates on fixed mortgages fell again to record lows, creating more incentive for buyers to enter the recovering housing market.
The average rate on the 15-year mortgage, a popular refinancing option, declined to 2.83 percent, below last week's previous record of 2.86 percent.
The rate on the 30-year loan has fallen to or matched record low levels in 12 of the past 13 weeks.
Cheaper mortgages have contributed to a modest housing recovery. Home sales fell in June but were up from the same month last year. Home prices are rising in most markets.