Mortgage Rates Hit Multi-Decade Lows

Washington, DC, Aug. 12, 2010--Mortgage rates fell to the lowest level in decades this week, according to mortgage buyer Freddie Mac.

The average rate for 30-year fixed loans this week was 4.44%, down from 4.49% last week. That's the lowest since Freddie Mac began tracking rates in 1971.

The average rate on the 15-year fixed loan dropped to 3.92%, down from 3.95% last week and the lowest on record.