According to data released today by Freddie Mac, 30-year mortgage rates fell this week to 4.80%, from 4.82% last week and 4.87% the previous week. Except for the 4.78% average during the first week of April, the 4.80% rate marks the lowest 30-year mortgage rate in history (see chart above), and is a full 4 percentage points below the 8.80% average rate since 1964. Along with falling home prices, the record-low mortgage rates are continuing to elevate housing affordability to record highs, which will help the real estate market in its recovery process this year.