Thursday, March 26, 2009

Mortgage rates drop again

Excerpt from "Mortgage rates drop to record low" written by Alan Zibel, AP Real Estate Writer, posted on :

WASHINGTON (AP) -- Rates on 30-year mortgages fell this week to the lowest level on record after the Federal Reserve launched a new effort to assist the staggering U.S. housing market.

Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dropped to 4.85 percent this week, from 4.98 percent last week. It was the lowest in the history of Freddie Mac's survey, which dates back to 1971 and was down a full percentage point from a year ago.

How low they will go? Below 4.00%?

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