Mortgage Rates Hit New Low

Freddie Mac announced August 18 that fixed and adjusted mortgage rates have fallen to all-time record lows, providing more incentive for homeowners looking to refinance. The 30-year fixed rate averaged 4.15 percent, which is down from the previous record low of 4.17 percent in November 2010.

"The Federal Reserve's policy statement last week and ongoing market concerns over the European debt market carried momentum into this week allowing all mortgage products in our survey to reach all-time record lows," Freddie Mac vice president and chief economist Frank Nothaft said in a press release.

Rates for a 15-year fixed-rate mortgage averaged 3.36 percent with an average 0.6 point, which was down from last week, when it was at 3.50 percent. The rate from a year ago was 3.9, according to Freddie Mac.

The decreases followed a dip in yields for 10-year Treasury notes, Bloomberg reported, but the lower rates haven't boosted demand for homes. The news source added that sales of previously-owned homes decreased 3.5 percent in July, the lowest rate since November, according to an August 18 report from the National Association of Realtors.