Average rates on long-term mortgages fell to the lowest level since at least 1971, when Freddie Mac started keeping track.
Freddie Mac (NYSE: FRE) says the average 30 year fixed-rate mortgage fell to 5.01 percent this week, the 10th straight weekly decline and the fourth consecutive record low. Since October, 30 year mortgage rates have dropped nearly 1.5 percent, shaving about $184 off the monthly payment on a $200,000 loan.
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Source: Wichita Business Journal - by the Washington Business Journal Staff Reporter, January 9, 2009
