30-Year Mortgage Rates Fall to Record Low

With economic growth below expectations, mortgage rates hit record lows in the week ending Feb. 2, as the average rate on the 30-year fixed-rate mortgage fell to 3.87 percent from 3.98 percent in the prior week, Freddie Mac said Thursday.

A year ago, the 30-year rate was at 4.81 percent. To obtain the latest rate, payment of an average 0.8 point was required, according to Freddie, a buyer of residential mortgages.

The 15-year fixed-rate mortgage also hit a record low, declining to 3.14 percent in the latest week from 3.24 percent in the prior week.

Meanwhile, the average rate on the five-year Treasury-indexed hybrid adjustable-rate mortgage hit a record low of 2.80 percent, down from 2.85 percent. Read more: MarketWatch