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Rate on 30-year Mortgage Stays at Record Low

Mortgage Rates Dropping
Mortgage Rates Dropping

The average rate on the 30-year fixed mortgage held steady at a record low for a third straight week, offering more incentive to those looking to buy a home or refinance.

Mortgage buyer Freddie Mac says the rate on the 30-year home loan was unchanged at 3.87 percent. That's the lowest level since long-term mortgages began in the 1950s.

The average on the 15-year fixed mortgage was also unchanged at 3.16 percent. That's up from a record low of 3.14 percent reached two weeks ago.

The low rates have done little to boost the struggling housing market. Rates have been below 5 percent for all but two weeks in the past year. Yet few people can qualify for the rates and many of those who can have already done so.