Tuesday, June 29, 2010

Mortgage rates hit all-time low

The average rate on a 30-year fixed-rate mortgage dropped to 4.69 percent this week from 4.75 percent last week, the Washington Post reported. That marks the lowest level since the company started tracking the data in 1971 and breaks the most recent low set in December. Rates have hovered below 5 percent since early May.

Yet home sales are tumbling and mortgage applications are slipping. Potential buyers have retrenched, discouraged by employment fears, the recent expiration of a home buyers tax credit and tough lending standards, industry experts said.

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