Mortgage rates hit a record low in March.
Freddie Mac reported Thursday the rate on the 30-year fixed-rate mortgage averaged 4.85% for the week ending March 26, 2009, down from 5.07% in February. Mortgage rates have now been below 5% for five consecutive weeks.
Last year at this time, the rate averaged 5.85% and the 30-year mortgage has not been lower since Freddie Mac started keeping records back in 1971.
Another record low for mortgage rates [Freddie Mac]