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U.S. rate on 30-year mortgage dips to 3.88%
WASHINGTON – April 27, 2012 – The average rate on the 30-year fixed mortgage has dipped to near its record low, keeping home-buying and refinancing affordable. Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan dropped to 3.88 percent this week, down from 3.9 percent. In February, the rate hit 3.87 percent, the lowest since long-term mortgages began in the 1950s. The 30-year loan is the most common financing option for homebuyers. The average on the 15-year fixed-rate mortgage, popular with homeowners who are refinancing, dipped to 3.12 percent, down from 3.13 percent last week. The national average hit an all-time low of 3.11 percent two weeks ago.