Rate on 30-year mortgage down to record 3.91 pct.

By DEREK KRAVITZ, AP Business Writer

WASHINGTON (AP) — 2012 looks to be another year of opportunity for the few who can afford to buy or refinance a home.

Freddie Mac says the average rate on the 30-year fixed mortgage fell to 3.91 percent this week, matching the record low reached two weeks ago.

The average on the 15-year fixed mortgage ticked down to 3.23 percent from 3.24 percent. That’s up from 3.21 percent two weeks, also a record low.

Mortgage rates are lower because they tend to track the yield on the 10-year Treasury note, which fell below 2 percent this week.

Still, cheap mortgage rates have done little too boost the depressed housing market. Many Americans either can’t take advantage of the rates or have already done so.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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