Mortgage rates are incredibly low right now.

Mortgage rates at all-time low

By Holden Lewis • Bankrate.com

Mortgage rates dropped to yet another modern-day record low.

The benchmark 30-year fixed-rate mortgage fell 7 basis points this week, to 4.81 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point.

Mortgage rates for June 23, 2010

That 4.81 percent is a record low in the nearly 25-year history of Bankrate's weekly survey. For the previous two weeks, the benchmark 30-year rate had stood at 4.88 percent, and that had been the record low.

Mortgage analysis for June 24, 2010