Mortgage Rates Tumble at Fastest Pace in 10 Years

U.S. mortgage rates plummeted last week, as investors continue to fear slower international economic growth.

According to Freddie Mac, the average rate on a 30-year fixed-rate mortgage (FRM) loan dropped to 4.06%, down from 4.28% the week before and the largest weekly decrease since June 2009. Rates on 15-year FRMs also fell, averaging 3.57%, down from 3.71% the previous week. Lower rates will be a welcome gift to potential homebuyers this spring.