U.S. mortgage rates fell for a fourth consecutive week and the average rate for a 15-year loan hit a new record low, the latest survey of lenders shows.
The average rate on a 30-year fixed-rate mortgage was 3.40%, down from 3.41% last week, according to Freddie Mac. The average 15-year rate declined to 2.61% from 2.64%.
The typical rate for a 30-year fixed-rate mortgage bottomed out last fall at 3.31%. Freddie Mac asks lenders each week what terms they are offering to well-qualified borrowers.
Low mortgage rates have helped spur more home buying, and prices have risen as purchasers vie for a limited supply of inventory.
The market for new homes has also picked up. The median price for new homes sold in Southern California jumped 19% year-over-year to $401,000 in February, according to real estate firm DataQuick.