Mortgage Rates in the U.S. Decline to a Record Low

Mortgage rates for fixed 30-year loans in the U.S. dropped to a record low amid signs that the housing market is beginning to emerge from the worst slump since the 1930s.

The rate fell to 4.71 percent for the week ended today, the lowest since mortgage buyer Freddie Mac began compiling the data in 1971. The average 15-year rate was 4.27 percent, the McLean, Virginia-based company said today in a statement.

“I don’t think they can go much lower,” said George Mokrzan, senior economist at Huntington National Bank in Columbus, Ohio. “I think frankly they’re at one of the lowest points they’re going to achieve for a long time.” (more)