Mortgage Rates Hit 50 Year Low

06.08.12 | Sarah Harnisch

If you're buying a house, there is great news. If you just bought one, don't kick yourself too hard. Mortgage rates sank to another new low today. The average rate on a 30-year loan is now 3.67 percent. 15-year rates are 2.94 percent. It's the lowest rate since the 1950's. Fed chairmen Ben Bernanke testified before Congress that many Americans who want homes can't get them right now. He said "many buyers can't obtain mortgages because the credit standards have tightened, and credit worthiness of many potential borrowers has been impaired." Despite the trouble, Bernanke didn't offer any help from the Fed Thursday.