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Average rate on 30-year mortgage falls to 3.88 pct.; 15-year drops to record-low of 3.11 pct.
WASHINGTON (AP) ' The average rate on the 30-year fixed mortgage dropped near its all-time low this week, making home-buying and refinancing a bargain for those who can qualify.
Mortgage buyer Freddie Mac says the rate on the 30-year loan fell to 3.88 percent from 3.98 percent. That's just above the rate of 3.87 percent reached in February, the lowest since long-term mortgages began in the 1950s.
The 15-year mortgage, a popular option for refinancing, plunged to a fresh low of 3.11 percent from 3.21 percent last week. The previous record of 3.13 percent was hit last month.
Mortgage rates tend to track the yield on the 10-year Treasury note, which have fallen sharply after last week's disappointing report on March job growth.