Mortgage rates hit another record low

By Dave Siff

updated 11:14 AM EDT, Thu September 27, 2012

NEED TO KNOW

Rates are at historic lows for 30-year and 15-year loans
Analysts cite Fed's latest round of "quantitative easing"

If you're looking to buy a house, or refinance your current mortgage, the terms have never been better.

Mortgage giant Freddie Mac says the average interest rates for 30-year and 15-year loans hit record lows this week. The 30-year fixed rate is 3.4 percent. And if you can afford the higher monthly payments on a 15-year loan, you can get in at an eye-popping 2.73 percent.

Analysts say the Fed's announcement this month that it would be buying $40 billion a month in mortgage-backed securities is driving rates down.

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