How low can home loans go? Freddie Mac reported Thursday another historic low in interest rates. The average rate on 15- year, fixed mortgage fell to 2.875 percent. Last week it averaged 3.02 percent. The average 30- year home loan also set a record by dropping to 3.675 percent down form last weeks 3.78 percent. Frank Nothaft, of Freddie Mac's chief economist, states " it is unreal, isn't it?" Nothaft states the low rates are caused by the economic woes in Europe, which have pulled down the yield on long - term Treasury bonds.
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