Mortgage rate falls to record 3.79%

May 18, 2012 at 12:00a.m.

WASHINGTON

Average U.S. rates for 30-year and 15-year fixed mortgages fell to record lows for the third-straight week. The steady decline has made home-buying and refinancing more affordable than ever for those who can qualify.

Mortgage buyer Freddie Mac says the rate on the 30-year loan dipped to 3.79 percent. That’s down from 3.83 percent last week and the lowest since long-term mortgages began in the 1950s.

The 15-year mortgage, a popular option for refinancing, declined to 3.04 percent. That’s down from last week’s previous record of 3.05 percent.

Rates on the 30-year loan have been below 4 percent since early December. But so far, those cheap rates haven’t been enough to ignite home sales.

Though sales of previously occupied homes picked up in January and February, they fell again in March and remain well below healthy levels.

Low mortgage rates have helped boost builder confidence, which rose in May to a five-year high.

From wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .66, 22.26 —.22

Avalon Holdings,3.79—.68

Clear Channel, .73 66.02 —.30

Cortland Bancorp, 9.50.00

Farmers Nat., .126.48 —.09

First Energy, 2.20, 47.71—.10

FirstMerit Corp., .64,16.17 —.44

First Niles Financial, .32,9.00.95

First Place Fin., .35—.005

FNB Corp., .48,10.62—.29

General Motors,21.61—.30

General Electric, .68,18.88—.12

Motors Liquidation, .0422.00

Huntington Bank, .16, 6.22—.15

JP Morgan Chase, 1.20,33.93—1.53

Key Corp, .12,7.40—.11

LaFarge, 8.92 —.13

Macy’s, .80, 35.43—1.86

Parker Hannifin, 1.64, 81.20—1.98

PNC, 1.60,61.64—.88

RTI Intl. Metals,24.15—.46

Simon Prop. Grp.,4.00,146.30—4.04

Stoneridge 7.80 —.07

United Community Fin. 1.97—.02

Selected prices at 4 p.m. Thursday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.