U.S. Mortgage Rates Fall To 4 Decade Low
Posted by TheHomeCart.com on Thursday, April 2nd, 2009 at 12:29pm.Borrowing money for home loans is now at its lowest level in almost four decades according to today's Denver Business Journal report.
Freddie Mac says the average 30-year fixed-rate mortgage fell to 4.78 percent this week. This is a full 1 percent lower than a year ago and the lowest 30 year rate since Freddie Mac started track rates in 1971. Also, the average one year adjustable rate mortgage hit 4.75 percent this week.
Frank Nothaft, Freddie Mac's chief economist, said “Mortgage rates followed other interest rates lower this week amid reports of slower economic growth. The final estimate of economic growth in the fourth quarter was revised lower and personal incomes fell 0.2 percent in February, below market consensus.”
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