Mortgage rates hit record low – again

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Mortgage rates continued to fall last week, hitting a record low of 4.58 percent for a 30-year fixed-rate mortgage, according to Freddie Mac.

The average mortgage rates had fallen to 4.69 percent during the previous week. At this time last year, mortgage rates were 5.32 percent.

Mortgage rates for 15-year mortgages also fell to a record low, averaging 4.04 percent, down from 4.13 percent the previous week. A year ago, the average 15-year mortgage was 4.77 percent.

Freddie Mac has been reporting weekly mortgage rates since 1971.

Frank Nothaft, chief economist at Freddie Mac, said rates hit record lows because of low inflation and the weak economy.

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