Mortgage Market: 30-Year Mortgage Rate Falls to Another Record Low – CNBC

30-Year Mortgage Rate Falls to Another Record Low

Published: Thursday, 30 Sep 2010 | 10:23 AM ET

U.S. 30-year and 15-year mortgage rates either tied or reached record lows in the latest week, according to a survey released Thursday by Freddie Mac, the second-largest U.S. mortgage finance company.

While rock-bottom rates offer a glimmer of hope for a housing market struggling to find footing in the aftermath of the expiration of popular home buyer tax credits, their impact on home loan demand has been tepid.

A weak jobs market and flailing economy continue to weigh on consumer confidence.

Interest rates on U.S. 30-year fixed-rate mortgages, the most widely used loan, averaged 4.32 percent for the week ended Sept. 30, down from the previous week’s 4.37 percent and matching a record low set earlier in the month, according to the survey.

Rates were also below their year-ago level of 4.94 percent.

So rates are down again! Sheesh. Consumer confidence might be low according to this article but we’ve got buyers buying because they see that prices are down and money is cheap to borrow right now. That’s not gonna last forever.

Posted on Calabasas Homes-Calabasas Real estate – Santa Monica Homes-Santa Monica Real Estate

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