Mortgage Rates Hit All-Time Record Low

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WASHINGTON -- The average rate on the 30-year fixed mortgage fell to 3.94 percent this week, the lowest rate ever. For those who can qualify for the historically low rate, it's an extraordinary opportunity to buy or refinance.

Freddie Mac says the average rate on a 30-year fixed mortgage dropped from 4.01 percent last week, the previous low. The average rate on a 15-year fixed loan dipped to 3.26 percent, also a record.

Low rates have done little to boost home sales or refinancing. Many people don't have enough cash or home equity to get a loan, or they are reluctant to take the risk in this market. Others have already refinanced because the average rate on the 30-year loan has been below 5 percent for most of the past year.

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High-End Homes at Lowered Prices
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Mortgage Rates Hit All-Time Record Low

Location: Snowmass Village, Colo. 
Price: $29.5 million
Beds/Baths: 7/8
Sq. Ft.: 12,836

Commanding 200 acres of Colorado countryside, this regal hilltop mansion swallowed some of its pride recently by offering a whopping $6.5 million price cut. 

See the listing for more photos and details

Location: Sands Point, N.Y. 
Price: $29 million
Beds/Baths: 9/6
Sq. Ft.: N/A

This stately brick colonial saw its ask plummet by $8 million recently. Now you only need to fork over $29 million for the 19-acre estate. 

See some images of this stunner. 

Location: Manhattan Beach, Calif.
Price: $24.9 million
Beds/Baths: 3/2
Sq. Ft.: 3,224

Shave $5.1 million off this gem of prime real estate in Manhattan Beach. Guess those gorgeous coastline panoramas don't run as high as they used to. 

Check out the stunning views

Location: Tahoe City, Calif. 
Price: $21 million
Beds/Baths: 5/7
Sq. Ft.: 12,255

This verdant estate recently reduced its price by $3.9 million. The home offers 3.3 acres, five bedrooms, seven bathrooms, a six-car garage and much, much more.

See more photos on the property's listing to give you an idea of what else this mansion delivers.  

Pictured here is the home's great room, perfect for family gatherings or large-scale entertaining. 

See some of the other rooms in this mansion

Location: Malibu, Calif. 
Price: $19.975 million
Beds/Baths: 6/7
Sq. Ft.: 6,667

Surrounded by eight acres of lush gardens and flanked by stables, a red clay court and a polo field, this estate just reduced its ask by $3.525 million. 

Glimpse the many other highlights of this beauty

The interior features antique ash beams, walnut floors and French brick. 

Location: Montecito, Calif. 
Price: $19.5 million 
Beds/Baths: 7/11
Sq. Ft.: N/A

This Italian villa, built in 1924, is available for the first time in 30 years -- and for $9.5 million less than its original ask. The 7.39 acre estate offers coastal and valley panoramas. Features include a pool, guesthouse, tennis court, Japanese garden and three gated entrances. 

Check out these lavish amenities by viewing the listing

Exposed beams and glass doors, leading to a porch with coastal views, add luster to this ornate interior. 

Location: Corona Del Mar, Calif. 
Price: $17.995 million
Beds/Baths: 5/8
Sq. Ft.: 7,251

This soft contemporary presides majestically over coastal cliffs. Walls of glass give the panoramas full advantage while three stories of outdoor living go even further to celebrate the residence's stunning location. But as exceptional as this property is, the owner may have asked a little too much at first -- or more than just a little: The home is $10 million cheaper than originally listed. 

See what else this coastal mansion has to offer.

The home doesn't let you forget its heavenly surroundings. 

See other ways it reminds you. 

Location: Kihei, Hawaii
Price: $17 million
Beds/Baths: 2/2
Sq. Ft.: 2,337

The fact that $17 million brings you just two bedrooms in the case of this stunner speaks to how expensive Hawaii beachfront really is. And just think: Before the home's $5 million price cut, two bedrooms here cost significantly more. 

Take in the views by at the listing

Location: Teton Village, Wyo. 
Price: $16.5 million
Beds/Baths: 9/14
Sq. Ft.: 13,194

With ski-in ski-out access, this sprawling mansion is the perfect luxury ski cabin. Game and exercise rooms make it ideal for family reunions. Now, it's $2.45 million less than it used to be. 

Learn more by viewing the listing

Location: Paradise Valley, Ariz. 
Price: $15.995 million
Beds/Baths: 7/10
Sq. Ft.: 17,015

Counting the residence's guesthouses, this property offers 35,000 square feet of covered space. Throw in the 21-car garages, and you've got to wonder: Was the original owner playing sultan? If so, the act's up -- this home has been foreclosed on. Recently, its handler cut the price by $2 million. 

See some of the crazy amenities in this mega-mansion. 

The home boasts high-tech security and sound equipment along with a 13-seat mahogany theater, solar-heated pool and solar-electric generator. There are also two swimming pools, including the one pictured at left. 

But that's just the half of it. See some other stunning features of the estate

Location: Malibu, Calif. 
Price: $14.995 million
Beds/Baths: 5/6
Sq. Ft.: N/A

Recently cut by $3 million, this contemporary, sited on prime Malibu Colony beachfront, boasts an expansive deck with removable walls, and a rooftop deck and spa tub, in addition to other features. 

See the listing for more details. 

Location: Aspen, Colo. 
Price: $14.995 million
Beds/Baths: 5/7
Sq. Ft.: 7,930

Nestled in its mountainside perch, this contemporary presides over Aspen, one of the premier ski towns in America. And it's now on sale: The price was recently slashed by $2 million. 

See the listing for more details. 

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