WASHINGTON – The average rate on the 30-year fixed mortgage fell again, this time dropping below 3.50 percent for the first time on records dating back 60 years.
Mortgage buyer Freddie Mac says the rate on the 30-year loan declined to 3.49 percent. That's down from 3.53 percent last week and the lowest since long-term mortgages began in the 1950s.
The average rate on the 15-year fixed mortgage, a popular refinancing option, dipped to 2.80 percent. That's below last week's previous record of 2.83 percent.
The rate on the 30-year loan has fallen to or matched record-low levels in 13 of the past 14 weeks.
Cheaper mortgages have helped drive a modest but uneven housing recovery. Home sales fell in June but were up from the same month last year.