Mortgage rates continue to fall to record lows

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The average 30-year, fixed-rate mortgage fell to another record low this week of 4.27 percent, according to Freddie Mac.

The rate was 0.5 percentage point lower than 4.32 percent last week. The average rate was 4.87 percent the same week a year ago.

The 15-year, fixed-rate mortgage also hit a record low of 3.72 percent, compared with 3.75 percent last week and 4.33 percent at the same point last year.

“The 12-month growth rate in the core price index for personal consumption, which the Federal Reserve closely tracks, has been drifting lower over the past six months ending in August and suggests inflation is running at a tepid pace at best,” Freddie Mac’s chief economist Frank Nothaft said in a statement. “This allowed mortgage rates to ease to new or near record lows this week.”

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