Mortgages keep dropping

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The average 30-year, fixed-rate mortgage fell 0.8 percentage point this week to a decades-low rate of 4.19 percent, according to Freddie Mac’s weekly survey.

This compares to an average 4.27 percent rate last week and an average of 4.92 percent during the same week a year ago. Fixed-rate mortgages have not been this low since 1951, according to Federal Housing Authority statistics. The rates have never been this low on Freddie Mac’s survey, which has been conducted since 1971.

The average 15-year, fixed-rate mortgage remained at a record low of 3.47 percent this week. A year ago, the average rate was 3.72 percent.

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