Long Term Mortgage Rates Hit All-Time Low

"The 30-year fixed-rate mortgage (FRM) averaged 5.14 percent with 0.8 point, down from last week when it averaged 5.19 percent with 0.7 point in fees. This is 98 basis points lower than the rate during the same week in 2007 and the lowest rate recorded since Freddie Mac first conducted the survey in 1971. The 15-year FRM had an average contract interest rate of 4.91 percent, down a single basis point from last week. Fees and points were unchanged at 0.7. This was the lowest rate for the 15-year FRM since April 1, 2004 when it was 4.84 percent."