Average 30-year mortgage rate a record 3.91 pct.

Average 30-year mortgage rate a record 3.91 pct.

Credit: AP

FILE - In this July 13, 2008 file photo show the Freddie Mac headquarters in McLean, Va. The Securities and Exchange Commission has charged six former top executives at Fannie Mae and Freddie Mac with civil fraud, saying they misled the government and taxpayers about risky subprime mortgages the mortgage giants held during the housing bust. (AP Photo/Pablo Martinez Monsivais)

Print
Email
|

by DEREK KRAVITZ

AP

Posted on December 22, 2011 at 9:11 AM

 WASHINGTON (AP) -- The average rate on the 30-year fixed mortgage fell to a record 3.91 percent this week, the third time this year that rates have hit new lows.

Freddie Mac says the rate on the 30-year home loan fell from 3.94 percent the previous week. The average on the 15-year fixed mortgage was unchanged at 3.21 percent. That's also a record.

Low rates offer a historic opportunity for those who can afford to buy a home or refinance. But many Americans either can't take advantage of the rates or have already done so.

Rates have been below 5 percent for all but two weeks in 2011. Even so, this year is shaping up to be one of the worst ever for home sales.
 

Print
Email
|