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Real Estate Blog & Resources

Mortgage rate hits record low

Mortgage rates continued to drop, with the 15-year fixed-rate loan hitting a record low, according to a weekly report from mortgage financier Freddie Mac.

The 15-year fixed rate fell to 2.61% this week from 2.64%, The previous record low of 2.63% was set the week of Nov. 21, 2012. An adjustable-rate mortgage, the 5/1 ARM, also bottomed out at 2.58%. The most popular mortgage, the 30-year fixed-rate, came in at 3.4%, 0.09 percentage point above its record low.

"The housing market is getting a boost, with mortgage rates hovering at or near record lows," said Frank Nothaft, Freddie's chief economist.

Read more from the source: CNNMoney