30-year mortgage falls to 3.59 percent

30-year mortgage falls to 3.59 percent

Average U.S. rates on fixed mortgages fell to just slightly above record lows, contributing to the current modest housing recovery.

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan declined to 3.59 percent, down from 3.66 percent last week. Five weeks ago, the rate fell to 3.49 percent, the lowest since long-term mortgages began in the 1950s.

Cheap mortgages are a key reason the housing market is finally starting to rebound five years after the bubble burst.

Read more at The Register-Guard.