US Mortgage Rates Hit 50 Year Low

It had to happen as the bottom has dropped out of all the financial markets, now home mortgages hit the floor.

US Mortgage Rates Hit 50 Year Low

US Mortgage Rates Hit 50 Year Low

Official Report – quote – That was the lowest in more than 50 years, Freddie Mac said. The average 15-year rate fell to 3.36 percent from 3.5 percent. – more – Housing demand is depressed as the U.S. unemployment rate sticks above 9 percent and lenders tighten standards. Sales of previously owned homes unexpectedly dropped in July, according to a report today by the National Association of Realtors. Purchases fell 3.5 percent to a 4.67 million annual pace, the weakest since November.

Low rates are not impressing analysts – quote – “Low interest rates are helpful at the margins but it’s indicating a lot of concerns about the economy,”

‘The US Home Market is Stagnant so the Low Rates are Insignificant!’

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