Mortgage buyer Freddie Mac says the rate on the 30-year loan declined to 3.49 percent. That's down from 3.53 percent last week and the lowest since long-term mortgages began in the 1950s.
The average rate on the 15-year fixed mortgage, a popular refinancing option, dipped to 2.80 percent. That's below last week's previous record of 2.83 percent.
The rate on the 30-year loan has fallen to or matched record-low levels in 13 of the past 14 weeks.
Cheaper mortgages have helped drive a modest but uneven housing recovery. Home sales fell in June but were up from the same month last year.
