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.
Although the interest rate on a 30-year mortgage is the lowest it has been in almost four decades, it is not the medicine that will revive Inland Southern California's housing market, real estate experts said Thursday.
Business Highlights
Government Campaign to Reduce Borrowing Costs Leads to Rate Drops
Low rates won't cure all of the housing market's ills. They won't resolve the extremely low prices home sellers are getting as they put their homes on a market crowded with foreclosures and short sales. And they can't counteract the impact of high unemployment, which economists say is a primary reason people are losing their homes.
WASHINGTON The average interest rate for a 30-year mortgage dropped to a record low of 4.71 percent this week, pushed down by an aggressive government campaign to reduce borrowing costs. The rate, published today by Freddie Mac, is the lowest since the mortgage finance company began tracking the data in 1971. The previous record of 4.78 percent was set during the week ended April 30 and matched ...
Housing and Urban Development Secretary Shaun Donovan on Wednesday defended a range of Federal Housing Administration efforts after presenting lawmakers with the outlines for tougher rules that the agency plans to impose on borrowers.
Treasury prices fell Thursday amid worries about an increase in debt supply. Bond yields, which move opposite to their prices, had fallen too low in recent days to make new debt being auctioned next week very attractive, said Nick Kalivas, a vice president of... Bond - Supply and demand - Business - Government - Financial Services
Dec. 3 (Bloomberg) -- Treasuries fell for a third day, the longest losing streak in almost a month, as initial jobless claims unexpectedly declined and the U.S. prepared to announce the amounts of next week’s three note and bond sales.
Rate On 30-year Mortgage Falls To New Low
MONDAY, Dec. 7 WASHINTGON _ Federal Reserve releases consumer credit data for October, 3 p.m. TUESDAY, Dec. 8 WASHINGTON _ Labor Department releases job openings and labor turnover survey for October, 10 a.m. MEMPHIS, Tenn. _ AutoZone Inc. releases first-... Federal Reserve System - Credit - Government - Central bank - United States
Rates for 30-year mortgage loans hit an all-time record low this week, giving many Clark County Realtors new hope that a fragile recovery under way in the local housing market will continue.
Lenders and homeowners also are expected to benefit from the 4.71% mark.
Lowered because of campaign to reduce borrowing costs
Although the interest rate on a 30-year mortgage is the lowest it has been in almost four decades, it is not the medicine that will revive Inland Southern California's housing market, real estate experts said today.
(AP:WASHINGTON) Banks borrowed slightly less from the Federal Reserve's emergency lending program over the past week. Banks' use of the program has been declining for the last several months, reflecting more stability in the financial system.