August 10, 2011 / 4:45 PM / 8 years ago

US 30-yr mortgage rate near record low-LendingTree

NEW YORK, Aug 10 (Reuters) - Interest rates on U.S. 30-year mortgage rates fell near record lows on Wednesday, a day after the U.S. Federal Reserve pledged to keep short-term rates near zero at least through mid-2013, online mortgage broker LendingTree.com said.

The 30-year mortgage rate averaged 4.25 percent, just above the record low of 4.20 percent set on Oct 25, 2010, the Charlotte, North Carolina-based company said.

Top-notch borrowers could obtain a 30-year mortgage at a record low rate of 3.75 percent, according to LendingTree.

All rates assume one discount point.

The U.S. government debt market rallied Tuesday in reaction to the Fed’s rate pledge. The move also fueled expectations of more steps from the U.S. central bank to lower long-term borrowing costs to help a weak housing market and an economy that has shown signs of slowing.

The yield on benchmark 10-year Treasury notes US10YT=RR were down 15 basis points at 2.12 percent at midday Wednesday after touched a record low just below 2.04 percent on Wednesday.

U.S. mortgage rates are benchmarked against U.S. Treasury yields. (Reporting by Richard Leong; editing by Jeffrey Benkoe)

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