Rate on 30-year Mortgage Falls to 3.88 Percent

by Derek Kravitz
Thursday Apr 12, 2012
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WASHINGTON (AP) - The average rate on the 30-year fixed mortgage dropped near its all-time low this week, making home-buying and refinancing a bargain for those who can qualify.

Mortgage buyer Freddie Mac says the rate on the 30-year loan fell to 3.88 percent from 3.98 percent. That’s just above the rate of 3.87 percent reached in February, the lowest since long-term mortgages began in the 1950s.

The 15-year mortgage, a popular option for refinancing, plunged to a fresh low of 3.11 percent from 3.21 percent last week. The previous record of 3.13 percent was hit last month.

Mortgage rates tend to track the yield on the 10-year Treasury note, which have fallen sharply after last week’s disappointing report on March job growth.

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