Mortgage Rates Stay Flat in Wake of Record Lows

mortgage rates
mortgage rates

WASHINGTON -- Fixed mortgages were mostly flat this week after hitting their lowest levels in decades. But few Americans are able to capitalize on them.

Freddie Mac says the average rate on the 30-year fixed mortgage stayed at 4.22 percent for the second straight week. The rate hit 4.15 percent two weeks ago, the lowest level on records dating to 1971.

The average rate on the 15-year fixed mortgage, a popular refinancing option, fell to 3.39 percent from 3.44 percent. Two weeks ago, it reached 3.36, the lowest rate on records dating to 1991.

Mortgage rates typically track the yield on the 10-year Treasury note. Yields rose this week as investors shifted money back to a more stable stock market.

But low rates have done little to revive a weak housing market.