Mortgage rates hit 4.56 percent, record low
0 Comments | Tribune – Review / Pittsburgh Tribune – Review, Jul 23, 2010
Mortgage rates fell to a record low for the fourth time in five weeks. But low rates haven’t been enough to lift a struggling housing market.
The average rate for 30-year fixed loans this week was 4.56 percent, down from 4.57 last week, mortgage company Freddie Mac said Thursday. That’s the lowest since Freddie Mac began tracking rates in 1971.
The last time home loan rates were lower was during the 1950s, when most mortgages lasted just 20 or 25 years.
The rate on the 15-year fixed loan dropped to 4.03 percent, down from 4.06 percent last week and the lowest on records dating back to 1991.