30-year mortgage rates drop to 3.49%

The Federal Reserve’s latest efforts to bolster the economy enabled mortgage rates to fall this week.

Freddie Mac reported Thursday that the average rate on a 30-year, fixed-rate conforming home loan this week matched its all-time low of 3.49 percent.

Meanwhile, the average interest rate on a 15-year, fixed-rate mortgage set a new record low of 2.77 percent.

Last week,the average rates on 30-year and 15-year mortgages were 3.55 and 2.85 percent, respectively.

Yields on mortgage-backed securities, which are tied to mortgage rates, have fallen since the Federal Reserve announced plans to purchase more bonds to stimulate the economy.