US mortgage rates hit record lows this week

interns Contributor
Font Size:

U.S. mortgage rates reached new record lows in the latest week, according to a Freddie Mac survey released on Thursday, as data showing economic weakness fueled demand for safe-haven government debt.

Interest rates on U.S. 30-year fixed-rate mortgages, the most widely used loan, averaged 4.19 percent for the week ended Oct. 14, down from the previous week’s 4.27 percent and the lowest on record, according to the survey that began in 1971.

The 30-year fixed-rate mortgage has been under 5 percent for 23 weeks in row. Rates were also below their year-ago level of 4.92 percent, said Freddie Mac (FMCC.OB), the second-largest U.S. mortgage finance company.

Full Story: U.S. mortgage rates at new record low