30-year mortgage rate drops to 3.56%
By MARCY GORDON AP Business Writer July 12, 2012 12:10PM
Updated: August 14, 2012 6:26AM
Average U.S. rates on fixed mortgages fell again to record lows, giving would-be buyers more incentive to brave the housing market.
Mortgage buyer Freddie Mac says the average rate on the 30-year loan fell to 3.56 percent. That’s down from 3.62 percent last week and the lowest since long-term mortgages began in the 1950s.
The average rate on the 15-year mortgage, a popular refinancing option, dipped to 2.86 percent, below last week’s previous record of 2.89 percent.