Mortgage Rates at Record Lows
(Reuters) – U.S. mortgage rates reached new record lows in the latest week as economic data raised the appeal of safe-haven government debt, according to a survey released on Thursday by Freddie Mac, the second-largest U.S. mortgage finance company. While rock-bottom rates offer a glimmer of hope for a housing market struggling to find footing in the aftermath of the expiration of popular home buyer tax credits, their impact on home loan demand has been tepid. A weak jobs market and flailing economy continue to weigh on consumer confidence. Interest rates on U.S. 30-year fixed-rate mortgages, the most widely used loan, averaged 4.27 percent for the week ended October 7, down from the previous week’s 4.32 percent and the lowest on record, according to the survey.
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