Mortgage Rate On 30-Year Loans Fall To All Time Record Low Of 4.19%

Posted By on October 14, 2010

U.S. mortgage rates fell for a third straight week.  They now sit at the lowest level on record as housing demand slumps.

Rates for 30-year fixed loans declined to 4.19 percent in the week ended today from 4.27 percent, Freddie Mac said in a statement. It is the lowest rate since the McLean, Virginia- based company began tracking the data in 1971. The average 15- year rate tumbled to 3.62 percent from 3.72 percent.

A six-month decline in mortgage rates has spurred a surge in refinancing while doing little to increase property demand as U.S. unemployment hovers near 10 percent. Sales of existing homes were the second-lowest on record in August, the National Association of Realtors in Washington said Sept. 23.

The Mortgage Bankers Association’s applications index increased 15 percent in the week ended Oct. 8, the Washington- based group said yesterday. Refinancing jumped 21 percent, the most in four months. Purchase applications fell 8.5 percent.

Sales of foreclosed properties accounted for almost a third of all U.S. transactions in September, a sign that a prolonged delay in repossessions may hurt the housing market, data vendor RealtyTrac Inc. said in a report today.

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