Mortgage interest rates have hit another record low. The average for a fixed rate 30 year loan dropped to 2.81% – the lowest in about the 50 years records have been kept. There have been 10 record lows so far this year, with the previous lowest one being 2.86%. So even though our Phoenix metro market is tough on buyers due to its limited inventory and above market pricing, buyers can afford much more than in years past.