Mortgage Rates Hit All-Time Record Low

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.