Mortgage rates fall to new lows

By Derek Kravitz, Associated Press
Updated 3h 42m ago

WASHINGTON – Fixed mortgage rates fell once again to a record low, offering a great opportunity for those who can afford to buy or refinance homes.

Freddie Mac says the average rate on 30-year fixed mortgages fell to 3.89% this week. That's below the previous record of 3.91% three weeks ago.

The average on 15-year fixed mortgages ticked down to an average 3.16% from a record 3.21% three weeks ago.

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Mortgage rates are lower because they track the yield on 10-year Treasury notes, which fell below 2%.

Average fixed mortgage rates hovered around 4% at the end of 2011. Yet many Americans either can't take advantage of the rates or have already done so.

Mortgage rates fall to new lows