NEW YORK — Rates on 30-year mortgages fell to the lowest level in decades for the ninth time in 12 weeks, pushed down by traders anticipating a move by the Federal Reserve to pump more money into the economy.
The average rate for 30-year fixed loans dropped to 4.27 percent, mortgage buyer Freddie Mac said yesterday. That’s the lowest on records dating to 1971 and down from 4.32 percent the previous week.
The average rate on 15-year fixed loans, a popular choice for refinancing, dropped to 3.72 percent, from 3.75 percent, the lowest on records dating to 1991.
Rates have mostly fallen since spring as investors shifted money into the safety of Treasury bonds, lowering their yield. Mortgage rates tend to track those yields.
The historically low rates, however, have not helped the struggling housing market, which recorded its worst summer in more than a decade.
The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount.