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Released: September 09, 2011
Mortgage rates fall to lowest level since 1950s, few qualify
Source: Derek Kravitz, Associated Press (USA Today)
Fixed mortgage rates fell this week to the lowest levels in six decades. But few Americans can take advantage of the rates to refinance or buy a home. The average rate for a 30-year fixed mortgage fell to 4.12%, from 4.22%, Freddie Mac said Thursday. That's the lowest level on records dating back to 1971. Freddie Mac says the last time rates were cheaper was 1951, when most home loans lasted just 20 or 25 years. The average rate on a 15-year fixed mortgage, a popular refinancing option, fell to 3.33% from 3.39%. That's the lowest on records dating to 1991 and likely the lowest ever, according to economists.Read Full Article: Mortgage rates fall to lowest level since 1950s, few qualify
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