Mortgage buyer Freddie Mac says the average 30-year loan dropped to 3.62 percent. That is the lowest long-term mortgage rate since the 1950's.
The 15-year mortgage, which is a popular refinancing option for many homeowners, slipped to 2.89 percent, which is a record low as well.
While mortgage rates drop, rental rates are going up.
The real estate tracking firm Reis says vacancy rates on rental properties are at their lowest point in a decade and that is driving up monthly rents.