Mortgage rates drop even further

Bankrate.com's weekly national mortgage survey reported mortgage rates have declined for three straight weeks with the conforming 30-year fixed mortgage rate at 4.45 percent and the average 15-year fixed mortgage rate at a record 3.58 percent.

According to the survey, a continued weak economy and a high demand for U.S. Treasury securities continue to push mortgage rates lower. The record low for a 30-year fixed mortgage rate is 4.42 percent set in October and November of 2010.

Freddie Mac also released the results of its Primary Mortgage Market Survey, which found mortgage rates, both fixed and adjustable, reached all-time record lows not seen in more than 50 years. According to the survey, 30-year fixed-rate mortgage averaged 4.15 percent, while 15-year fixed-rate mortgage averaged 3.36 percent.

"The Federal Reserve's policy statement last week and ongoing market concerns over the European debt market carried momentum into this week allowing all mortgage products in our survey to reach all-time record lows," said Freddie Mac vice president and chief economist Frank Nothaft.  

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