Mortgage Rates Fall to Record Lows Again....

NEW YORK (CNNMONEY) -- The nation's extremely favorable mortgage rates sank even lower this week, setting records for both the 30-year and 15-year fixed rate loans.The 30-year fell to 3.31% from 3.34% last week, according to Freddie Mac, the government controlled mortgage backer. The 15-year rate averaged 2.63%, compared with 2.65% a week ago.According to Keith Gumbinger, vice president of mortgage information company HSH Corp., the current conditions mean it may make sense for current mortgage borrowers and new homebuyers to look at shorter term loans. Low interest rates are very helpful to the housing market by slashing the monthly costs of ownership, which homebuyers often focus on when calculating if they can afford to buy a home.  With home prices also down about 30% from their recent peak, according to the S&P/Case-Shiller home price index, and employment numbers gradually improving, affording a new home has rarely been easier.The report adds to the other good news for housing markets, with existing home sales, prices and new construction all recording upticks.