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Thursday, December 22, 2011

Mortgage Rates Drop To Record Low

The average rate for a 30-year fixed-rate mortgage has dropped to a record low 3.91 percent, mortgage giant Freddie Mac said Thursday.
That's down from last week's 3.94 percent, which matched the previous record low set in the fall, which was the lowest since records began being kept in the 1950s. The rate for a 15-year fixed rate mortgage was steady at 3.21 percent, also a record.
Rates may be low, but they haven't been able to spur sales for a number of reasons, including stagnant wages and persistently high unemployment.

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