WKYT | Lexington, Kentucky | News

Mortgage rates fall to decades-low of 4.27 pct.

NEW YORK (AP) - Rates on 30-year and 15-year mortgages fell to their lowest points in decades.

Mortgage buyer Freddie Mac says the average rate for 30-year fixed loans dropped to 4.27 percent, the lowest on records dating back to 1971. That's down from 4.32 percent the previous week.

The average rate on 15-year fixed loans fell to 3.72 percent from 3.75 percent. That was lowest on records dating back to 1991.

Rates have mostly fallen since spring as investors shifted money into the safety of Treasury bonds, lowering their yield. Mortgage rates tend to track those yields.

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