Average mortgage rates hit low of 4.42 percent - wave3.com-Louisville News, Weather & Sports

Average mortgage rates hit low of 4.42 percent

WASHINGTON (AP) - Mortgage rates fell to the lowest level in decades for the eighth time in nine weeks, a sign that investors are concerned about the weak economy.

Mortgage buyer Freddie Mac says the average rate for 30-year fixed loans this week was 4.42 percent, down from 4.44 percent last week. That's the lowest since Freddie Mac began tracking rates in 1971.

The average rate on 15-year fixed loans dropped to 3.9 percent, down from 3.92 percent last week and the lowest on records dating back to 1991.

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

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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