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Published: Friday, 5/11/2012

Fixed mortgage rates fall to record low


WASHINGTON -- Average U.S. rates for 30-year and 15-year fixed-rate mortgages fell to fresh record lows this week, mortgage buyer Freddie Mac reported Thursday.

The average rate on the 30-year loan slid to 3.83 percent, the lowest since long-term mortgages began in the 1950s. The previous record low was 3.84 percent, reached last week.

The 15-year mortgage dropped to 3.05 percent from last week's previous record of 3.07 percent.

The average on one-year adjustable-rate mortgage was 2.73 percent, down from 2.7 percent the previous week.

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