Friday, July 16, 2010

Mortgage rates remain at lowest level in decades

Mortgage rates were unchanged this week at the lowest point in decades, but it hasn’t been enough to jump-start the housing market.Government-sponsored mortgage buyer Freddie Mac said Thursday the average rate for 30-year fixed loans this week was 4.57 percent. That’s the same as a week earlier and the lowest since Freddie Mac began tracking rates in 1971. The last time home loan rates were lower was the 1950s, when most mortgages lasted just 20 or 25 years.

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