Mortgage Rates Still Low

Mortgage rates dropped to the lowest level on record for the sixth time in seven weeks.

The average rate for 30-year fixed loans this week was 4.49 percent, down from 4.54 percent last week, mortgage buyer Freddie Mac said Thursday. That's the lowest since Freddie Mac began tracking rates in 1971.

The average rate on the 15-year fixed loan dropped to 3.95 percent, the lowest on record. Other rates dropped: 5-year-adjustable, 3.63 percent, from 3.76; 1-year ARM, 3.55 percent, from 3.64.

The last time home loan rates were lower was during the 1950s, when most mortgages lasted 20 or 25 years.

Low rates have sparked some activity in the weak housing market, but not a massive boom in refinancing.

-AP