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The Associated Press May 31, 2012, 1:13PM ET

News Summary: US mortgage rates hit record lows

RATES DROP AGAIN: Average U.S. rates for 30-year and 15-year fixed mortgages dropped to record lows again this week, with the 15-year loan dipping below 3 percent for the first time ever, according to a survey by mortgage buyer Freddie Mac.

RECORD LOWS: The rate on the 30-year mortgage, the most popular, fell to 3.75 percent. That's down from 3.78 percent last week and the lowest since long-term mortgages began in the 1950s. The 15-year mortgage, an option for refinancing, slid to 2.97 percent from last week's previous record low of 3.04 percent.

HOUSING OUTLOOK: Low mortgage rates have helped brighten the outlook for home sales this year. They have made home-buying and refinancing more attractive to those who can qualify.

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