Fixed mortgage rates drop to new record lows!

Fixed mortgage rates drop to new record lows!

According to Freddie Mac on Thursday the average rate for the 30-year fixed mortgage fell to 4.12 percent (down from 4.22 percent) which is its lowest level on record since 1971.  Freddie Mac also says the last time rates were cheaper was 1951 (when most long-term home loans lasted just 20 or 25 years).

The average rate on a 15-year fixed mortgage dropped to 3.33 percent (from 3.39 percent) which is the lowest on records dating to 1991 and likely the lowest ever, according to economists.