Rate on 30-year mortgage stays at record 3.87 percent
WASHINGTON - 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.