Mortgage rates hit record low; under 4 percent

Fixed rate mortgages drop to 3.94 percent

By Jonathan Sweet, Editor in Chief | October 6, 2011

For the first time ever, the fixed rate on a 30-year mortgage has dropped below 4 percent.

The average rate of 3.94 percent dropped from 4.01 percent last week, Fannie Mae reported today. Rates on 15-year mortgages averaged 3.26 percent.

30-year fixed rates have been below 5 percent for all but two weeks this year, but have had little impact on home sales.

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