Rate on 30-year fixed mortgage falls to 3.98%
By Christopher S. Rugaber, Associated Press
WASHINGTON – The average rate on the 30-year fixed mortgage hovered above its record low for a fourth straight week. But cheap mortgage rates have done little to boost home sales or refinancing.
Freddie Mac says the rate on the 30-year fixed loan fell to 3.98% percent from 4% the previous week. Seven weeks ago, it dropped to a record low of 3.94%, according to the National Bureau of Economic Research.
The average rate on the 15-year fixed mortgage edged down to 3.3 percent from 3.31%. Seven weeks ago, it too hit a record low of 3.26%.
