Mortgage rates at record low

Rates on 30-year mortgages plunged to a record low Thursday after the Federal Reserve launched a new effort to prop up the housing market. According to Bankrate.com, more than half of industry experts believe that mortgage rates will continue to drop.

The national average rate on 30-year, fixed mortgages was 4.94 percent on Thursday; the average rate on a 15-year fixed-rate mortgage dropped to 4.61 percent, down from 4.64 percent last week, Freddie Mac said.Rates on five-year, adjustable-rate mortgages fell to 4.98 percent, compared with 4.99 percent last week. Rates on one-year, adjustable-rate mortgages rose to 4.91 percent, from 4.8 percent last week.The rates do not include add-on fees known as points. The nationwide fee for fixed and adjustable rate mortgages averaged 0.7 point last week.

For borrowers with stable jobs and good credit, it represents an opportunity to refinance at the lowest rates in decades.

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