Thursday, August 12, 2010

Fixed mortgage rates hit record lows: Freddie Mac Mortgages - MarketWatch

Fixed mortgage rates hit record lows: Freddie Mac Mortgages - MarketWatch: "NEW YORK (MarketWatch) -- Fixed-rate mortgages continued their decline to record lows this week and the 5-year adjustable rate also reached a new low, Freddie Mac reported Thursday.

'Low rates are helping to heal many battered local housing markets by increasing home-purchase activity,' said Frank Nothaft, vice president and chief economist at Freddie Mac, in a news release.

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The 30-year fixed-rate mortgage averaged 4.44% for the week ending Aug. 12, according to Freddie Mac's weekly survey of conforming mortgage rates. It averaged 4.49% last week and 5.29% a year ago. The rate is now at its lowest level since Freddie Mac started tracking it in 1971."

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