WASHINGTON — The average rate on a 30-year fixed mortgage has dipped to near its record low, keeping home-buying and refinancing affordable.
Mortgage buyer Freddie Mac said Thursday that the rate on a 30-year loan dropped to 3.88 percent this week, down from 3.9 percent. In February, the rate hit 3.87 percent, the lowest since long-term mortgages began in the 1950s.
The average on a 15-year fixed-rate mortgage, popular with homeowners who are refinancing, dipped to 3.12 percent, down from 3.13 percent last week. The national average hit an all-time low of 3.11 percent two weeks ago.
Sales of both previously occupied homes and new homes fell in March. Analysts suspect some of that weakness reflected a warm winter, which pulled sales that would normally occur during the spring buying season into January or February. In addition, some potential buyers are skeptical about purchasing a home with prices still falling. And many Americans are still struggling with damaged credit. The Associated Press
