Industries Banking/Finance

Mortgage rates fall below 4 percent

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The average 30-year, fixed-rate mortgage fell below 4 percent for the first time in history. The 15-year, fixed-rate loan also fell to its lowest point.

The 30-year rate was an average of 3.94 percent this week, according to Freddie Mac. That was down a half percentage point from last week’s average. The 15-year rate was 3.26 percent, down from 3.28 percent last week.

Mortgage rates fell as 10-year U.S. Treasuries dropped sharply over concerns about the global economy, according to Frank Nothaft, chief economist at Freddie Mac.

“Also, in his testimony to Congress’s Joint Economic Committee on Tuesday, Federal Reserve Chairman Bernanke said the recovery is close to ‘faltering’ and stressed the need for lawmakers to act,” Nothaft said.

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