Mortgage Rates At 37-Year Low

WASHINGTON (AP) - Rates on 30-year-fixed mortgages dropped this week to their lowest levels in at least 37 years.

The decline came as the Federal Reserve pledged to pour money into the mortgage market in an effort to pump life into the U.S. housing market.

Freddie Mac says the average rate on 30-year fixed-rate mortgages dropped to 5.19% from 5.47% last week. The rate is the lowest since April 1971.

Rates on 15-year fixed-rate mortgages dropped this week to an average of 4.92% from 5.2% last week.

Mortgage rates started falling after the Fed launched a new effort in late November to aid the housing market by purchasing up to $600 billion of mortgage-related securities and other debt issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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