Mortgage Rates Hit Record Lows

The rates for 30 year and 15 year mortgages hit record lows the week of May 7-11, 2012. That's great news for potential home buyers.

Freddie Mac reported that the rate on 30-year loans ticked down to 3.83 percent down from the record low of 3.84 the previous week. That's the lowest since long-term mortgages began in the 1950's

The 15-year mortgage, a popular option for refinancing, dropped to 3.05 percent, also a record.

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