US rate on 30-year mortgage: 3.53%., new record - 13 WTHR Indianapolis

US rate on 30-year mortgage: 3.53%., new record

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WASHINGTON -

Average rates on fixed mortgages fell again this week to record lows. That's good news for people looking to buy a home, assuming they can qualify for a mortgage.

Freddie Mac says the average for 30-year loans fell to 3.53 percent, down from 3.56 percent last week. It is the lowest since long-term mortgages began in the 1950s.

The average rate on the 15-year mortgage, a popular refinancing option, declined to 2.83 percent, below last week's previous record of 2.86 percent.

The rate on the 30-year loan has fallen to or matched record-low levels in 12 of the past 13 weeks.

Cheaper mortgages have contributed to a modest housing recovery. Home sales fell in June but were up from the same month last year. Home prices are rising in most markets.

Builders are putting up more houses than they have in nearly four years, a long-awaited recovery that could help energize the U.S. economy.

(Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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