According to Freddie Mac Thursday, Mortgage rates are at their lowest level since the company began keeping records in 1971.
Freddie Mac today released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 4.69 percent with an average 0.7 point for the week ending June 24, 2010, down from last week when it averaged 4.75 percent. Last year at this time, the 30-year FRM averaged 5.42 percent.
Mortgages are cheaper today than they’ve been in a half-century. The last time they were any cheaper was the 1950s, when most loans lasted just 20 or 25 years.
Primary Mortgage Market Survey [Freddie Mac]