Mortgage Rate Trend Index

30-year mortgage falls to 4.12%, record low

Mortgage experts polled by Bankrate.com this week can’t agree on what will happen next, with 1/3 (31%) predicting they’ll go up, 1/3 (31%) saying they’ll go down, and 1/3 (38%) expecting no change over the short term.

WASHINGTON – Sept. 9, 2011 – Fixed mortgage rates fell this week to the lowest levels in six decades.

The average rate for the 30-year fixed mortgage fell to 4.12 percent, down from 4.22 percent, Freddie Mac said Thursday. It’s the lowest level on records dating back to 1971. Freddie Mac said the last time rates were cheaper was 1951, when most long-term home loans lasted just 20 or 25 years.

The average rate on a 15-year fixed mortgage, a popular refinancing option, fell to 3.33 percent from 3.39 percent. That’s the lowest on records dating to 1991 and likely the lowest ever, according to economists.

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