Freddie Mac reported yesterday that the average rate for a 30-year fixed loan fell to its lowest level, since tracking mortgage rates since the 1950's, to 3.75 percent down from 3.78 percent last week.
Following the 30-year rates drop, 15-year fixed mortgage rates also dropped to new record lows this week as well, dropping below 3 percent for the first time ever to 2.97 percent.
These record low rates may certainly help the struggling housing market.
Frank Nothaft, Vice-President and chief economist at Freddie Mac said, "Market concerns over tensions in the Eurozone led to a decline in long-term Treasury bond yields helping to bring fixed mortgage rates to new record lows this week. Compared to a year ago, rates on 30-year fixed mortgage rates are almost 0.9 percentage points lower which translates into nearly $1,200 less in annual payments on a $200,000 loan."