Jul
8
MORTGAGE RATES AT 50 YEAR LOW!
- Image via Wikipedia
Mortgage rates dropped again this week driving them down to their lowest in 50 years! Will it be enough to restart the housing market? Not according the Associated Press.
Freddie Mac stated the average rate for 30-year-fixed loans dropped to 4.57 percent. In its July 1 Primary Mortgage Market Survey, the Associated Press reported that although mortgage application volume rose nearly 9 percent the week ending June 25, the Mortgage Bankers Association said that activity remains roughly half the level reported in early 2009. Low rates have yet to boost home sales, the report stated. The housing market has slowed down considerably since homebuyer tax credits ended on April 30. To calculate the national average, Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.
- Freddie: 30-year fixed-rate mortgage at record low (marketwatch.com)
