Mortgage rates hover at record lows

Fixed mortgage rates hovered at record lows for a third straight week and are likely to fall further in the coming weeks.

Freddie Mac says the average rate on the 30-year fixed mortgage was unchanged at 4.09 percent this week. That's the lowest rate seen since 1951.

In numbers developed specifically for Long Island by HSH Associates at HSH.com, the 30-year fixed mortgage was 4.25 percent, down from 4.27 percent the week before. the 15-year-fixed was 3.84 percent, down from 3.89 percent, and the one-year adjustable was 3.5 percent, down from 3.63 percent.

Nationally, the average rate on the 15-year fixed mortgage ticked down to 3.29 percent. Economists say that's the lowest rate ever for the loan.

Mortgage rates tend to typically track the yield on the 10-year Treasury note. They should fall further now that the Federal Reserve said it would shuffle its holdings to drive down long-term interest rates.

But low rates have done little to boost home sales. Few would-be buyers can meet stricter lending standards or have enough money for larger down payment requirements.