Freddie Mac reported today that the rate on the 30-year mortgage dropped to its lowest level ever since the 1950's, when long-term mortgages started, to 3.83 percent helping potential homebuyers and for those looking to refinance.
The previous record rate reached last week which was 3.84 percent.
The 15-year mortgage rate followed the 30-year and dropped to 3.05 percent which is also a new record low down from last week's record of 3.07 percent.
Rates for both the 30-year and the 15-year mortgages have been below 4 percent every week since early last December except for one. Mortgage rates have been below 5 percent for more than a year.