Thirty-year fixed mortgage rates hit all time record lows--again--two weeks after the Fed announced ambitious plans to buy up mortgage-backed securities and long-term Treasury bonds.
[See Mortgage Rates to Fall Further: 7 Things to Know]
From The Associated Press:
Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dropped to 4.78 percent this week, from 4.85 percent last week.
It was the lowest in the history of Freddie Mac's survey, which dates back to 1971. Rates are down by more than a full percentage point from a year ago.
"Mortgage rates followed other interest rates lower this week amid reports of slower economic growth" Frank Nothaft, Freddie Mac vice president and chief economist, said in a prepared statement…
The rates do not include add-on fees known as points. The nationwide fee averaged 0.7 point last week for all mortgages in Freddie Mac's survey except for one-year adjustable mortgages, which had an average fee of 0.6 point.
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