US mortgage rates hit another record low: Freddie Mac

Source: Reuters

2 Sep, 2010, 08.12PM IST,REUTERS

NEW YORK: US mortgage rates fell in the past week to the latest in a series of record lows as yields on government debt dropped, according to a survey released on Thursday by Freddie Mac, the second-largest US mortgage finance company.

Rock-bottom rates offer a glimmer of hope for a housing market that has failed to find footing in the aftermath of the expiration of popular home buyer tax credits.

Interest rates on US 30-year fixed-rate mortgages, the most widely used loan, averaged 4.32 per cent for the week ended Sept. 2, down from the previous week's 4.36 per cent and its year-ago level of 5.08 per cent, according to the survey.

Thirty-year mortgage rates have fallen to fresh lows for 10 out of the past 11 weeks. Freddie Mac started the survey in April 1971.

Meanwhile, 15-year fixed-rate mortgages averaged 3.83 per cent, down from 3.86 per cent last week, the lowest since Freddie Mac began surveying this loan type in 1991. Fifteen-year mortgage rates have fallen to fresh lows for eight out of the past 11 weeks.


Read more: http://economictimes.indiatimes.com/news/international-business/US-mortgage-rates-hit-another-record-low-Freddie-Mac/articleshow/6481525.cms

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