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4.36% mortgages spur refinancers

Record low finds few in a position to buy, but 8 out of 10 loans go to homeowners grabbing payments half the size of a generation ago.

Once again, mortgage rates have dropped to the lowest levels seen in most of our lifetimes. Once again, few Americans can take advantage of the low rates to refinance or buy homes.

 According to Freddie Mac's weekly Primary Mortgage Market Survey, the average rate for a 30-year fixed-rate mortgage is 4.36% this week, the lowest rate since Freddie Mac started keeping records in 1971 and a rate not seen since the 1950s, according to the National Bureau of Economic Research, when loan terms were shorter.

Posted by Teresa Mears MSN

Posted by Russell Rowe on August 27th, 2010 2:32 PMPost a Comment (0)

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