Mortgage rates for 30-year fixed U.S. loans fell to a record low, reducing borrowing costs as concerns about the U.S. economic recovery and euro-region unemployment drove investors to the safety of government bonds.
The average rate for a 30-year mortgage fell to 3.84 percent in the week ended today from 3.88 percent, Freddie Mac said in a statement. It was the lowest in the McLean, Virginia-based mortgage-finance company’s records dating to 1971. The average 15-year rate dropped to 3.07 percent from 3.12 percent.
