Now might be a good time to purchase your first home or refinance your existing mortgage as mortgage rates are at record lows.
U.S. mortgage rates for 30-year loans fell to a record low for a fourth straight week, reducing borrowing costs as a housing recovery takes hold.
The average rate for a 30-year fixed mortgage dropped to 3.78 percent in the week ended today from 3.79 percent, Freddie Mac said in a statement. It was the lowest in the McLean, Virginia-based mortgage-finance company’s data dating to 1971. The average 15-year rate held at 3.04 percent, also a record.