Mortgage rates on 30-year and 15-year fixed-rate mortgages fell to historic lows once again this week, according to mortgage giant Freddie Mac.

The rate for a 30-year mortgage fell to 3.56%, down from 3.62% last week, Freddie Mac said in its weekly report. The 30-year fixed rate has matched or hit a new low for 11 of the past 12 weeks. Last year, the 30-year fixed rate stood at 4.51%.

Meanwhile, the 15-year fixed rate fell to 2.86%, down from 2.89% last week, Freddie Mac said. A year ago, the rate was 3.65%.

“Following a lackluster employment report for June, long-term U.S. Treasury bond yields eased somewhat this week allowing fixed mortgage rates to reach yet another record low,” said Frank Nothaft, Freddie Mac’s chief economist.

The 30-year fixed-rate mortgage is popular among first-time homebuyers who want to minimize their monthly payments. Those who take out a $200,000 loan at the current rate would have payments of $904 a month and would pay $126,000 in interest over the life of the loan.

The 15-year fixed-rate mortgage is popular among homeowners who are seeking to refinance or to buy a bigger home. The monthly payments are larger, but borrowers pay less in total interest over the life of the loan. At the current rate, a borrower financing $200,000 with a 15-year mortgage would pay $1,368 a month and spend a total of just over $46,000 in interest.

Rates will probably stay in this record low territory for a while, said Guy Cecala, publisher of Inside Mortgage Finance.

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