The 30-year loan has hit another record low on average for the eighth time this year. On August 6 Freddie Mac reported that the rate dropped to 2.88% from 2.99% the previous week. It was the lowest level since Freddie started tracking mortgage rates in 1971. By contrast, the rate averaged 3.60% a year ago. AP has also reported that the average rate on the 15-year fixed-rate mortgage fell to 2.44% from 2.51%.