(NEW YORK) -- If you can get a new mortgage or refinance an existing one, interest rates have fallen to incredible new lows.
For the first time ever, interest on a 15-year loan has dropped below 3 percent, according to data from Freddie Mac. The rate is down to 2.97 percent this week from 3.04 percent last week.
The average rate on the 30-year loan also hit a new low, falling to 3.75 percent from last week's 3.78 percent. The figure is the lowest since long-term mortgages began six decades ago.
If the economy doesn’t fall apart in other ways, these low rates may help the housing market as we are now in buying season.
Copyright 2012 ABC News Radio