30-year Mortgage Rate Hits New Record Low

Eighth record low in a year

Mortgage buyer Freddie Mac says the average rate on a 30-year fixed mortgage has dipped to 3.88% creating a new record low. The new rate is down from last week's record of 3.89%

However, because of high unemployment and a shaky economy, many are either afraid to take advantage or simply do not qualify for loans.

Home builders are still optimistic that the low rates will boost sales next year.

15-year mortgages are also hitting new lows. It currently sits at 3.17%.