Your Name:
Your Email Address:
To: (Email)
Subject:
Message:
Email Preview:

Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Mortgage rates hit new low
 
Street Sweep Following the money in banking and economics Type Size     JUNE 24, 2010, 11:26 AM Mortgage rates hit new low Mortgage rates hit a record low this week, but few people will be taking advantage.
Freddie Mac said Thursday the going rate on a 30-year fixed rate mortgage fell to 4.69%, its lowest level since the company started keeping track 38 years ago.
Another housing downer
The news comes as investors have beenshunning stocks in favor of bonds, especially those backed by the federal government. Money has flowed out of stock funds and into bond funds for seven straight weeks, whilesurging demand for U.S. Treasury debt has taken the yield on the 10-year Treasury note down near 3% -- a level last seen in the meltdown of 2008.
Lower mortgage rates, of course, make it cheaper to buy a house. But with unemployment stubbornly high, wages stagnant and tax incentives expiring, few people are taking the plunge.
New home sales tumbled to an all-time low last month (see chart above), and economists at Capital Economics in Toronto say another round of house price declines is waiting in the wings.
"Once home sales fall back to fairly depressed levels, house prices will start declining too," ... more

__________________________________________________
Are you on The Rain? Grow Your Network!




Spam prevention