The winning streak continues for consumers looking to purchase homes or refinance their existing mortgages, as average mortgage interest rates hit another record low this week.
The average rate for a conforming 30-year, fixed rate loan was 3.49 percent this week, Freddie Mac said. That compares with 3.53 percent last week and 4.55 percent a year ago.
Rates on 15-year, fixed-rate mortgages also hit a new average low of 2.80 percent. A week ago the rate on that product was 2.83 percent and it was 3.66 last year.
"Market concerns over the strength of the economic recovery brought long-term Treasury yields to new lows this week allowing fixed mortgage rates to reach record levels," said Freddie Mac chief economist Frank Nothaft.
Consumers continue to try and capitalize on the ever-lower rate environment. On Wednesday, the Mortgage Bankers Association said home mortgage refinancing applications rose 2 percent, to a level not seen since April 19, 2009.
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