The average rate on a 30-year fixed mortgage has fallen to its lowest level on records dating to 1971.
Five years ago, the average 30-year fixed rate was near 6.5 percent. In 2000, it exceeded 8 percent.
The average rate on a 15-year fixed mortgage, which is popular for refinancing, fell to 3.36 percent, also a record low.
The average for one-year adjustable-rate loans fell to 2.86 percent, the lowest on records going back to 1984.