Mortgage rates drop below 4 percent

Average rate on 30-year-fixed mortgage edges down to 3.99 percent for the 2nd time ever

By Derek Kravitz

updated 11/10/2011 10:28:42 AM ET

WASHINGTON — The average rate on the 30-year fixed mortgage fell below 4 percent for just the second time in history.

Freddie Mac said Thursday the rate on the 30-year fixed loan fell to 3.99 percent, down from 4 percent last week. Five weeks ago, it dropped to a record low of 3.94 percent, according to the National Bureau of Economic Research.

The average rate on the 15-year fixed mortgage fell last week to 3.30 percent from 3.31 percent. Five weeks ago, it too hit a record low of 3.26 percent. Read more >