News Summary: US mortgage rates hit record lows

AP News
Posted: Jun 07, 2012 12:03 PM
News Summary: US mortgage rates hit record lows

RATES DROP AGAIN: Average U.S. rates for 30-year and 15-year fixed mortgages fell to record lows again this week, according to a survey by mortgage buyer Freddie Mac.

THE LOWDOWN: The rate on the 30-year mortgage, the most popular, dropped to 3.67 percent. That's down sharply from 3.75 percent last week and the lowest since long-term mortgages began in the 1950s. The 15-year mortgage, an option for refinancing, declined to 2.94 percent from 2.97 percent last week.

The Center Does Not Hold
Jonah Goldberg

HOUSING OUTLOOK: Cheap mortgages continue to help boost prospects for home sales this year. They have made home-buying and refinancing more attractive to those who can qualify.