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Mortgage rates hit record low (again)

Published July 27, 2012 8:56 am

This is an archived article that was published on sltrib.com in 2012, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

The average rate for 30-year fixed-rate home loans hit another record low this week, according to mortgage giant Freddie Mac. That's a full percentage point below last year's levels, when many experts were contemplating if rates could even go any lower.

Rates for 30-year home loans averaged 3.49 percent this week, down from 3.53 percent last week. Last year at this time, average rates for 30-year mortgages were about 4.5 percent.

If you can handle the higher monthly payments on a 15-year loan, those are averaging a super-super low 2.80 percent, down from 2.83 percent last week. That's also about one percentage point below last year's levels.