Mortgage rates hit record lows

Mortgage rates hit record lows

Fixed U.S. mortgage rates fell again to new record lows.

Mortgage buyer Freddie Mac said Thursday that the average on the 30-year loan dropped to 3.62 percent. That's down from 3.66 percent last week and the lowest since long-term mortgages began in the 1950s.

Cheap mortgages have provided a lift to the long-suffering housing market. Sales of new and previously occupied homes are up from the same time last year. Home prices are rising in most markets. And homebuilders are starting more projects and spending at a faster pace.


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0 #1 Low Mortgage Rates but No LoansGuest 2012-07-06 14:51:09
Low rates are great but the banks are not giving out money. They need to loosen up the requirements some. The government gave them all that money and it never was loaned as intended to the public. Does not really matter how low the rates if the banks don't loan it out..Go figure. Banks and government sleeping together. Hummm ?
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