US interest rates for 30-year fixed mortgages fell in the latest week to a record low, according to property website Zillow.com.
Lower mortgage rates in the US may sustain refinancing, making homes more affordable as the residential market copes with the absence of support.
The average rates for 30-year fixed mortgages, which is the most widely used, dropped to 4.49 percent from last week’s 4.53 percent.
Meanwhile, 15-year fixed-rate mortgages hit 3.97 percent, down from 4.04 percent in the previous week. Rates for ARMs, or the 5/1 adjustable-rate mortgages, fell to 3.44 percent from 3.50 percent a week ago.
While high affordability and low rates helped the housing market grow over the past year, it has struggled since the popular home buyer tax credits expired on April 30.