Rates for 15-year and 5-year mortgages also hit lows
WASHINGTON, D.C. (AP) -- Mortgage rates fell this week to the lowest level on record, giving consumers added incentive to lock in low payments on home purchases and refinancing.
Mortgage company Freddie Mac says the average rate for 30-year fixed loans sank to 4.69 percent from 4.75 percent last week. That's the lowest since Freddie Mac began tracking rates in 1971. The previous record of 4.71 percent was set in December.
Rates for 15-year and 5-year mortgages also hit lows.
Mortgage rates have fallen over the past two months. Investors wary of the European debt crisis and the turbulent stock market have shifted money into the safety of Treasury bonds, driving down yields.
Mortgage rates tend to track the yields on long-term Treasury debt.
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