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Here we go again.  Baltimore mortgage rates on fixed mortgages dropped to record lows this week after the Federal Reserve unveiled its huge bond-buying program to help stimulate economic growth.

Freddie Mac says that the average rate on 30-year fixed loans fell to the lowest level on record dating back to 1971.

The average rate on 15-year fixed loans fell the lowest levels since the survey began in 1991.

The Federal Reserve unveiled plans last week to purchase $600 billion in Treasury bonds. On Wednesday, the central bank elaborated on that plan, saying that it hopes to buy $105 billion in Treasurys over the next month. The increased demand means that Treasurys will produce lower yields for investors. Mortgage rates often move along with those bond yields.

Rates on five-year ARMs hit their lowest levels since January 2005.  Rates on one-year ARMs were unchanged.

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