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Average fixed mortgage interest rates hit a new low this week, Freddie Mac reported Thursday.
The average rate on a 30-year, fixed rate conforming loan was 3.4 percent, down from 3.49 percent last week and, a year ago, 4.01 percent.
Meanwhile, the average fixed rate on a 15-year conforming mortgage was 2.73 percent. That compares with 2.77 percent last week and 3.28 a year ago.
Other mortgage interest rates, with the exception of the 5-year adjustable-rate mortgage, also recorded new average lows.
“Fixed mortgage rates continued to decline this week, largely due to the Federal Reserve’s purchases of mortgage securities, and should support an already improving housing market,” said Freddie Mac chief economist Frank Nothaft in a statement.