Mortgage rates dipped slightly lower, setting another all-time record for interest rates on the 30-year fixed-rate mortgage on Thursday, according to the latest data released Thursday by Freddie Mac.
The 30-year benchmark, the most popular mortgage product, dipped to 3.78, down from 3.79 a week ago.
The 15-year fixed mortgage, which is popular among those looking to refinance, held steady at 3.04 percent, according to Freddie Mac's survey. That's down from 3.78 percent a year ago.
The new figure can save borrowers $48 a month for every $100,000 borrowed. Over a 30-year term, that comes to $17,217 compared to last year.
"Mortgage rates were virtually unchanged this week with fixed-rate loans remaining at record lows and helping to drive homebuyer affordability," said Frank Nothaft, vice president and chief economist for Freddie Mac.
Buying a home has reached its most affordable level in more than two decades, according to a recent report from the National Association of Home Builders and Wells Fargo.
Year over year, home sales were 10 percent higher in April while median home prices touched $177,400, a 10.1 percent spike from April 2011, the NAR said.
However, nearly 16 million homeowners owed more on their mortgages than their home was worth in the first quarter, or nearly one-third of U.S. homeowners with mortgages.
