The 30-year fixed-rate mortgage

The 30-year fixed-rate mortgage has been a stalwart of today's real-estate market for homeowners looking to refinance. Now it's facing competition from the 15-year fixed-rate mortgage.

These mortgage rates have broken all records. This week, 30-year mortgages averaged 4.09%, with 0.7 point, unchanged from last week. This time a year ago, the rate was 4.37%.

 

The 30-year rate now is the lowest since the government starting keeping track. Post continues after video.

Freddie Mac's records for 30-year mortgages show rates first dipping below 5% in April 2009.

They hovered in the low 5%-to-mid-4% range until August this year, and then the 30-year rate fell to 4.27%, with a 0.7% point, and dropped to the current record low last week.