Fixed-rate mortgages fall to record low

7/27/2012

WASHINGTON -- The average rate on the 30-year fixed mortgage dropped this week below 3.5 percent for the first time on records dating back 60 years, mortgage buyer Freddie Mac said Thursday that the rate fell to 3.49 percent from 3.53 percent last week.

The average rate on the 15-year fixed mortgage dipped to a record low 2.8 percent from last week's previous record of 2.83 percent.