WASHINGTON — Average U.S. rates for 30-year and 15-year fixed mortgages fell to record lows this week.
Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan ticked down to 3.83 percent. That’s the lowest since long-term mortgages began in the 1950s. And it’s below the previous record rate of 3.84 percent reached last week.
The 15-year mortgage, a popular option for refinancing, dropped to 3.05 percent, also a record.
That’s down from last week’s previous record of 3.07 percent.
USDA predicting bumper corn crop
DES MOINES, IOWA — Consumers could see some relief from higher food prices by late fall, if the latest government crop forecast holds up.
The U.S. Agriculture Department predicted Thursday that corn production will total a record 14.8 billion bushels. That compares with 12.4 billion bushels a year ago and it’s 11 percent higher than the previous record crop in 2009.
The government also predicts a record yield of 166 bushels per acre.