Average fixed rates for 30- and 15-year mortgages hit a record low this week, according to data released yesterday by Freddie Mac.

The average rate on a 30-year fixed-rate mortgage was 4.01 percent (0.7 point) for the week ending Sept. 29. That’s the lowest rate since the mortgage buyer began keeping records in 1971.

The rate is down from 4.09 percent last week and 4.32 percent a year ago. The lowest rates were in the nation’s West region, which recorded an average rate of 3.95 percent for the week.

Even lower was the average fixed rate on a 15-year mortgage, which was 3.28 percent (0.7 point). Economists say that’s the lowest rate ever for the loan. That’s just under last week’s 3.29 percent average, but well below 3.75 percent a year ago.

Meanwhile, interest rates for adjustable-rate mortgages were virtually unchanged.

Source: DSNews.com