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Mortgage rates drop to record lows

Mortgage rates drop to record lows
By Adolfo Flores

November 21, 2012, 1:12 p.m.

Fixed mortgage rates fell to record lows for the second week in a row, a welcome sign for a recovering housing market, economists said.

The average rate on a 30-year loan was 3.31%, the lowest since 1971, according to figures released Wednesday by mortgage giant Freddie Mac. That’s down from 3.34%  last week.

The average on 15-year loans was 2.63%, down from last week’s 2.65%, also setting a record. A year ago it averaged 3.30%.,0,696811.story

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