Mortgage rates head back toward record lows

Longterm borrowing costs took another turn lower this week, following the decline in 10-year Treasury yields.

Freddie Mac (OTC: FMCC) says the average rate on a 30-year fixed-rate mortgage fell to 3.69 percent in the week ending March 26, down from 3.78 percent last week. A year ago, 30-year rates averaged 4.4 percent.

A 15-year fix averaged 2.97 percent this week, down from 3.06 percent. A one-year adjustable rate mortgage averaged 2.46 percent this week, unchanged from last week.

Falling rates…