15-Year Mortgage Rate Falls Again: Can It Go Any Lower?

The average interest rate for a 15-year fixed-rate mortgage hit a new historic low on Friday -- 4.20 percent, down slightly from 4.21 last week. The last time the 15-year rate was that low was August 1991, when Freddie Mac began its weekly survey.

It was the third week in a row that the rate hit a benchmark low.

Monthly payments are higher on 15-year fixed-rate mortgages than on 30-year fixed-rates, but for buyers who wish to be mortgage-free sooner, now may be the time to jump.

Rates this low might not last for long -- really!