In the 40 years since mortgage rates have been recorded by Freddie Mac, never have interest rates been as low as they were during the week ending Feb 2.

The average rate for a 30-year fixed mortgage dropped to 3.87 percent for the week, and the 15-year fixed rate was at 3.14 on average, according to the Freddie Mac Primary Mortgage Market survey. The drops came a week after the 30-year fixed average was 3.98 percent and the 15-year recorded a 3.24 average.

A year ago, the average 30-year rate was 4.95 percent for the month of February, more than a full point higher than the new record low.

The new lows came on the heels of President Obama’s pledge to expand the government’s incentives to banks so that more homeowners can refinance into today’s lower rates.