Friday, June 25, 2010

Record-low mortgage rates boon for housing

Mortgage rates fell this week to the lowest level on record, motivating consumers to lock in low payments for home purchases and refinanced loans. It's the best news the market has seen since the tax credits expired. The average rate for 30-year fixed- rate loans dropped to 4.69%, Freddie Mac said Thursday. The high-end market is seeing a surge in sales as a result of the lower interest rates. A year ago, the rate for a jumbo loan ranged from 6.25% to 6.75%. Today, it's about 5.75% for a 30-year fixed-rate. Read full article: