Washington – Fixed mortgage rates fell once again to a record low, offering a great opportunity for those who can afford to buy or refinance homes. But few are able to take advantage of the rates.
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Freddie Mac says the average rate on the 30-year fixed mortgage fell to 3.89 percent. That’s below the previous record of 3.91 percent reached three weeks ago.
The average on the 15-year fixed mortgage ticked down to 3.16 percent. That’s down from a record 3.21 percent three weeks ago.
Mortgage rates are lower because they track the yield on the 10-year Treasury note, which fell below 2 percent.
Average fixed mortgage rates hovered around 4 percent at the end of 2011. Yet many Americans either can’t take advantage of the rates or have already done so.