Posted: Sep 30, 2010 8:43 AM by Bea Karnes, News First 5
Updated: Sep 30, 2010 8:45 AM
Rates on 30-year mortgages matched the lowest level in decades and rates on 15-year loans dropped to their lowest point in nearly 20 years.
Mortgage buyer Freddie Mac says the average rate for 30-year fixed loans fell to 4.32 percent, the lowest on records dating back to 1971. That's down from 4.37 percent the previous week and equal to the average rate reached four weeks ago.
The average rate on 15-year fixed loans fell to 3.75 percent, the lowest on records dating back to 1991.
Rates have fallen since spring as investors poured money into the safety of Treasury bonds, lowering their yield. Mortgage rates tend to track those yields.