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Mortgage Rates at All Time Lows

August 5, 2011

New York Times: Mortgage Rates Reach Record Lows

"U.S. mortgage rates dropped to new lows after the latest round of gloomy economic data hurt Treasury yields, according to Freddie Mac's weekly survey of mortgage rates. Mortgage rates tend to follow Treasury yields, which have fallen after data showed the U.S. economy grew a much weaker-than-expected 1.3% in the second quarter while first-quarter growth was cut to less than a quarter of what was originally reported. "In fact, the first half of this year was the worst six-month period since the economic recovery began in June 2009," said Frank Nothaft, Freddie's chief economist. The news sent 15-year fixed and five-year adjustable-rate loans to historic lows, the mortgage-finance agency said."
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