Freddie Mac announced today that the interest rate for a 30-year fixed mortgage hit 3.87 percent which is below the previous record two weeks ago of 3.88. It's also down from 3.98 percent from last week.
To date, the current rate for a 30-year fixed mortgage is the lowest on record since mortgage rates have been tracked since the 1950's.
Also hitting a new record low is the average rate on a 15-year fixed mortgage which fell to 3.14 percent.
For the past three months mortgage rates have been hanging around the 4 percent mark. This could be one reason why there's been a small improvement in the housing market as well as an increase in mortgage applications.