U.S. mortgage rates fall to record low: Freddie Mac
Reuters - Thu Dec 3, 11:42 am ETU.S. mortgage rates dropped to a record low in the latest week, as rates fell for a fifth straight week, a closely watched mortgage survey showed Thursday.
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U.S. mortgage rates dropped to a record low in the latest week, as rates fell for a fifth straight week, a closely watched mortgage survey showed Thursday.
The rates, reported yesterday in the weekly Freddie Mac Primary Mortgage Market Survey, were down from last week’s 4.78 percent, which ties a record low set in April for 30-year, fixed-rate loans with a 20 percent down payment. The survey dates to 1971.
Treasury prices fell Thursday amid worries about an increase in debt supply.
Average 30-year fixed loan at 4.71%, best on record and a boon for homebuyers and those looking to refinance Interest rates on the benchmark 30-year fixed-rate mortgage dipped to a 38-year low this week, giving consumers another reason to consider purchasing a home or refinancing their current one.
The following is being issued by Fannie Mae :
Record low rates Mortgage rates for fixed 30-year loans in the U.S. dropped to a record low amid signs that the housing market is beginning to emerge from the worst slump since the 1930s. The rate fell to 4.71 percent for the week, the lowest since mortgage buyer Freddie Mac began compiling the data in 1971. The average 15-year rate was 4.27 percent.
Fannie Mae: Three- and six-month benchmark bills are auctioned on a weekly basis. One-year bills are auctioned once a month. Every Monday, an announcement is made and on Wednesday the auctions are held. Settlement usually scheduled for Wednesday or Thursday.
Fannie Mae will redeem the principal amounts indicated for the following securities issues on the redemption dates indicated below at a redemption price equal to 100 percent of the principal amount redeemed, plus accrued interest thereon to the date of redemption:
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The decline to 4.71% is the lowest since the mortgage finance company Freddie Mac began tracking the data in 1971. It comes as the Obama administration is working to lower borrowing costs. The average interest rate for a 30-year mortgage dropped to a record low of 4.71% this week, pushed down by an aggressive government campaign to reduce borrowing costs.
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Dec. 3 (Bloomberg) -- Mortgage rates for fixed 30-year loans in the U.S. dropped to a record low amid signs that the housing market is beginning to emerge from the worst slump since the 1930s.
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