US rate on 30-year mortgage: 3.49 pct., new record
WASHINGTON (AP) - July 26, 2012 (WPVI) -- The average rate on the 30-year fixed mortgage fell again, this time dropping below 3.50 percent for the first time on records dating back 60 years.
Mortgage buyer Freddie Mac says the rate on the 30-year loan declined to 3.49 percent. That's down from 3.53 percent last week and the lowest since long-term mortgages began in the 1950s.
The average rate on the 15-year fixed mortgage, a popular refinancing option, dipped to 2.80 percent. That's below last week's previous record of 2.83 percent.
The rate on the 30-year loan has fallen to or matched record-low levels in 13 of the past 14 weeks.
Cheaper mortgages have helped drive a modest but uneven housing recovery. Home sales fell in June but were up from the same month last year.
- Man critically injured in Willingboro hit, run 30 min ago
- Tracking St. Patty's Day Snow
- Get the 6abc StormTracker app
- WATCH: Action News Online
- Malaysian leader: plane's disappearance deliberate
- Elderly woman crashes into Toms River law ofc.
- Bucks County man stabbed to death in Bahamas
- 2 couples robbed at gunpoint in North Philly
- Del. trooper charged with stalking, harassment
- Community relief for victims of Ewing Twp. explosion
- Honda recalling 886,815 Odyssey minivans
- 3 people injured in Roosevelt Boulevard crash
- Comedian David Brenner, 'Tonight' favorite, dies
- Authorities: Chris Brown arrested on warrant
- Man critically injured in Willingboro hit,...
30 min ago
More business resources
Most Viewed StoriesMost Viewed Photos