From the Miami Herald:

Fixed mortgage rates fell for a third consecutive week, matching the record low reached earlier this month, driven by Federal Reserve Chairman Ben S. Bernanke’s plan to buy home-loan securities to bolster the housing market.

The average rate of a 30-year mortgage dropped to 4.78 percent, the lowest in records dating to 1970, McLean, Virginia- based Freddie Mac said today in a statement. The rate hit that level the week of April 2. This week’s 15-year fixed rate was unchanged at 4.48 percent.

Mortgage at or near four-decade lows are raising optimism that lower home-loan costs may spur home buying.

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