Mortgage Rates at Record Low for 2nd Week

30-year mortgage rates fell for the second week in a row after the Federal Reserve launched a new effort to stimulate the housing market.

Freddie Mac said Thursday that average rates on 30 -year fixed-rate mortgages dropped to 4.78% this week, down from 4.85% last week. Rates on a 15-year fixed-rate mortgage fell to 4.52%, down from 4.58% last week.

The low rates have sparked a surge in refinancing activity. Nearly 80% of applications last week came from borrowers seeking to refinance.