July 8, 2010

ANOTHER REMINDER OF HOW EXTORTIONATE RATES HAD BECOME AT THE TIME OF THE CREDIT CRUNCH:

Mortgage rates drop to lowest point in 50 years (AP, 7/08/10)

The average rate on a 30-year fixed mortgage dropped to 4.57 percent this week, mortgage company Freddie Mac reported Thursday. That's down from the previous record low of 4.58 percent set last week.

It's the lowest since Freddie Mac began tracking rates in 1971. The last time rates were lower was in the 1950s, when most long-term home loans lasted just 20 or 25 years.

Rates have fallen over the past two months. Investors, concerned with the European debt crisis, have poured money into the safety of Treasury bonds. Treasury yields have fallen and so have mortgage rates, which tend to track yields on long-term Treasurys.

Posted by Orrin Judd at July 8, 2010 3:23 PM
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