30-year mortgage rate fell to record low of 3.88%

The average rate on the 30-year fixed-rate mortgage fell to a record
low of 3.88% in the week ended Jan. 19 from 3.89% in the prior week,
according to Freddie Mac in its weekly report released on Thursday.

A year ago, the 30-year rate was at 4.74%. These data go back to 1971.

To obtain the latest rate, payment of an average 0.8 point was
required, according to Freddie, a buyer of residential mortgages. A
point is 1% of the mortgage amount, charged in prepaid interest.

Meanwhile, the 15-year fixed-rate mortgage ticked higher to 3.17% in
the latest week from a record low of 3.16% in the prior week. These
data go back to 1991.