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Mortgage Rates Fall to New Low of 3.34%

iStockphoto/Thinkstock(WASHINGTON) -- Average rates on fixed mortgages fell to new record lows.

Freddie Mac says the rate on a 30-year loan dropped to 3.34 percent. That’s down from the previous record low of 3.36 percent set on October 4, which was the lowest since long-term mortgages began in the 1950s.  Last year at this time, the 30-year loan averaged 4 percent.

The average rate on a 15-year fixed mortgage is down to 2.65 percent, from the previous record low of 2.66 percent set October 18.  A year ago at this time, the 15-year loan averaged 3.31 percent.

Mortgage rates are expected to remain around these lows through the end of this year and well into the beginning of 2013.

Copyright 2012 ABC News Radio

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