Another week brings another record low, as the average rate on a 30-year fixed-rate mortgage ticked down to 3.88% for the week ended January 19 from 3.89% the prior week.
A year ago, the 30-year rate was at 4.74%.
The average for the 30-year fixed mortgage rate has now been below 4.0% for seven straight weeks.
Meanwhile, the 15-year fixed-rate mortgage ticked higher to 3.17% in the latest week from a record low of 3.16% the prior week.
Home builders are hopeful that the low mortgage rates could boost 2012 sales, as low rates were cited as a key reason the National Association of Home Builders’ survey of builder sentiment rose strongly in December and January.
