Smashing Estate

30-years old mortgage rates fell to a record level and dropping to the lowest mark since Freddie Mac started tracking the data nearly 28 years ago. The rates have been falling since the late November last year, when the Federal Reserve declared a plan to spend up to $500 billion to buy-up mortgage-backed securities in efforts to support the distressed U.S. housing market.

Freddie Mac reported that average rates on 30-year fixed mortgages dropped to 5.01 percent this week, down from the previous record of 5.1 percent set last week. The mortgage rates are at their lowest since he and the company started to survey in April 1971.