Mortgage Rates Hit Record Lows Again

Washington, DC, Oct. 7, 2010--Mortgage rates reached new record lows in the latest, according to a survey released on Thursday by Freddie Mac, the second-largest U.S. mortgage finance company.

Interest rates on U.S. 30-year fixed-rate mortgages, the most widely used loan, averaged 4.27% for the week of Oct. 7, down from the previous week's 4.32% and the lowest on record, according to the survey

Rates were also below their year-ago level of 4.87%. Freddie Mac started the survey in April 1971.

Meanwhile, 15-year fixed-rate mortgages averaged 3.72%, down from 3.75% last week, the lowest since Freddie Mac began surveying this loan type in 1991.