Dec 2009 03

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In news unrelated to the Tiger Woods story, an article from The Boston Globe online.  A recent survey conducted by Freddie Mac found that mortgage rates are at a record low.

“Rates for a 30-year-fixed-rate mortgage hit an all-time low of 4.71 percent for the weekly survey started by mortgage giant Freddie Mac in 1971.

Rates for the past week were down from the previous week’s average of 4.78 percent, Freddie Mac said. At this time last year, the average rate was 5.53 percent.

Today’s press release from Freddie Mac included a statement from its chief economist, Frank Nothaft.

“Low mortgage rates and the cumulative decline in house prices have contributed to an extremely affordable housing market and helped spur home sales this year,” he said. “For instance, total new and existing home sales in October were 36 percent higher than their January low on a seasonally adjusted, annualized rate, according to the US Census Bureau and the National Association of Realtors (NAR). The NAR also reported that pending existing home sales rose for the ninth straight month in October, representing the longest consecutive gain since the series began in 2001, according to the National Association of Realtors. Seven of those months were the most affordable on record dating back to 1971, based on the NAR’s Housing Affordability Index.”

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