KTVN Channel 2 - Reno Tahoe News Weather, Video - Rates on 30-Year Mortgages Match Record Low
Member Center:
Freddie Mac reports that average rates for 30-year fixed mortgages have matched a record low of 4.78% this week.
Rates for 30-year mortgages hit an all-time low the week ending April 30. Since then, rates have hovered near 5%, spurring refinancing activity and home sales.
However, credit standards remain stringent, so the best rates usually are available only to borrowers with solid credit and a 20% down payment.
The Federal Reserve has pumped $1.25 trillion into mortgage-backed securities to try to lower rates on mortgages and loosen credit availability. Rates on 30-year mortgages traditionally track yields on long-term government debt.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
