Mortgage rates tumbled to the lowest level in the history of Freddie Mac's weekly survey, with 30-year fixed-rate home loans being offered this week at an average 4.15%, down from last week's 4.32%. The 15-year fixed-rate loan, a popular choice with people refinancing their homes, was being offered at an average rate of 3.36%, down from 3.50% last week, Freddie Mac said. The rates are the lowest since Freddie Mac's survey began in Long-term fixed-rate mortgages backed by the Federal Housing Administration averaged 4.08% for a several months in , according to the National Bureau of Economic Research. This week's drop in loan rates came on the heels of the Federal Reserve's announcement last week that it expected to keep short-term interest rates low for at least two more years because of the economy's faltering recovery. The rates are available only to borrowers with solid credit, enough verifiable income to support payments and a 20% down payment for a purchase or 20% home equity for a refinancing. Mortgage Rates Hit Record Low

Weekly HAR Market Stat Mortgage rates flirted with an eight-month low of 4.4 percent on a 30-year fixed. Along with a slow summer and fall of 2010, that has motivated more buyers to enter contracts than at this time last year even though current homeowners listed fewer properties than last year. Affordable prices and strong negotiating leverage should continue to create a favorable purchase environment. In the Houston region, for the week ending August 14: New Listings decreased 8.0% to 2,051 Pending Sales increased 31.7% to 1,376 Closed Sales increased 6.3% to 981

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