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Freddie Mac: Mortgage rates hit yearly low

Mortgage Rate Trend Index

Most industry experts polled by Bankrate.com this week (52%) expect little change in rates over the short term. The rest are evenly divided with 24% foreseeing an increase and 24% predicting an additional decline.



NEW YORK (AP) – May 21, 2010 – U.S. borrowers can get the cheapest mortgages this year, thanks to worries over European debt, and that could keep homebuyers active even after the expiration of a tax credit designed to lift sales.

Mortgage rates fell to their lowest level of the year this week as yields on U.S. government securities fell, Freddie Mac said Thursday. Fixed mortgage rates tend to follow the yield of 10-year Treasury notes.

Treasury yields sank after Germany's move this week to curtail certain kinds of short-selling spooked investors, who shifted money from risky European debt to safer U.S. securities.

A side effect of the lower Treasury rates was lower mortgage rates.

The average rate on a 30-year fixed rate mortgage dipped to 4.84 percent from 4.93 percent a week earlier, Freddie Mac said. It was the lowest level since mid-December, when rates averaged 4.81 percent

Posted by David Botelho on May 24th, 2010 6:16 AMPost a Comment (0)
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