30-Year Mortgage Rates Sink to Lowest on Record

Interest rates on 30-year fixed rate mortgages dipped to their lowest level in at least 37 years after the Federal Reserve this week reaffirmed its commitment to a program designed to loosen consumer lending, according to a closely watched weekly survey released yesterday.

The average rate fell to 5.19 percent, down from 5.47 percent the previous week and 6.14 percent at the same time last year, according to mortgage financier Freddie Mac, which polled lenders the first three days of this week. The rate is the lowest since the firm started tracking such data in April 1971.

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