WASHINGTON – The average rate on 30-year fixed mortgages fell to a record 3.91% this week, 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% the previous week. The average on the 15-year fixed mortgage was unchanged at 3.21%. That’s also a record.
Low rates offer an 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.
Average mortgage rates have been below 5% for all but two weeks in 2011. Even so, this year is shaping up to be one of the worst ever for home sales.