US 30-year mortgage rates fell in the past week to the lowest level since early December, near record lows, with shorter-term home loans at new all-time lows, home funding company Freddie Mac said on Thursday. The 30-year rate averaged 4.84 percent in the week ended May 20, down from 4.93 percent and the lowest rate since the week ended December 10, 2009. At its lowest on record, dating back to 1971, the rate fell to 4.71 percent in the week ended December 3.
Treasury 10-year note yields, used as a peg for setting long-term mortgage rates, have also fallen to the lowest levels since early last December. Those yields have fallen on a flight to safety into Treasuries on fear that $1 trillion in emergency funding for struggling eurozone debt markets is not sufficient. Low mortgage rates are helping stabilise the US housing market just as massive federal aid has been withdrawn.
Comments
Comments are closed.