Thirty-Year Mortgage Rates Hit Lowest Levels in 50 Years

 The last time rates on a 30-year mortgage were this low, President Dwight D. Eisenhower was in office.

The average for 30-year, fixed-rate home loans hit a record low this week, the most affordable in more than 50 years, according to the weekly survey by mortgage giant Freddie Mac.

Thirty-year, fixed-rate residential mortgages averaged 4.15 percent with an average 0.7 point, down from 4.32 percent a week ago. The average for 30-year, fixed home loans was 4.42 percent a year ago and shattered the previous record low of 4.17 percent in early November.

Freddie Mac has tracked 30-year, fixed-rate mortgage averages since 1971 but before that averages were tracked by the U.S. Bureau of Economic Research, beginning in 1949.

For the third consecutive week, the average for 15-year, fixed-rate mortgages set another record low, sliding to 3.36 percent with an average 0.6 point, down from 3.50 percent a week ago. A year ago, 15-year, fixed-rate mortgages averaged 3.90 percent.

Mortgage rates were pushed lower on concerns over European debt and the Federal Reserve Open Market Committee's statement that economic growth has been slower this summer than the committee would have expected.

Low mortgage rates have spurred refinancing, but have done little to spark home purchasing. High unemployment and worker concerns about job security have made would-be home buyers wary of making such a major purchase. And although rates are low, lenders remain conservative about mortgage underwriting.