Mortgage rates hit record low

30-year fixed-rate mortgage now averaging 4.85%: Freddie Mac By Amy Hoak, MarketWatchLast update: 12:05 p.m. EDT March 26, 2009Comments: 50CHICAGO (MarketWatch) --
The average rate on 30-year fixed-rate mortgages hit a record low this week, after the Federal Reserve announced it would purchase Treasury securities over the next six months, Freddie Mac's chief economist said on Thursday. The 30-year mortgage averaged 4.85% for the week ending March 26, the lowest point since Freddie Mac's weekly survey began in 1971. Last week, the mortgage averaged 4.98%; the mortgage averaged 5.85% a year ago.