Dallas Refinance: 30-year fixed mortgage rates fall to 4.60%

Dallas Refinance: 30-year fixed mortgage rates fall to 4.60%

Bloomberg.com reports that mortgage rates fell to the lowest level in almost six months, providing support to a real estate market that is struggling to recover. http://www.businessweek.com/news/2011-05-26/mortgage-rates-for-30-year-u-s-loans-decrease-to-4-60-.html

The average rate for a 30-year mortgage loan slipped to 4.60 percent in the week ended today from 4.61 percent, according to Freddie Mac. That is the lowest since the week ended Dec. 2. The 15-year rate fell to 3.78 percent from 3.80 percent a week ago, the McLean, Virginia-based mortgage-finance company said. The average rate for a 30-year fixed loan is below where it was last year at this time, when it was 4.84 percent, according to Freddie Mac. http://www.coffeemortgage.com/

Mortgage interest rates below 5 percent have done little to energize the U.S. real estate market, which has been weakened by tight credit, mounting foreclosures and unemployment at 9 percent. Home prices dropped 5.5 percent in the first quarter from a year earlier as sales of foreclosures, which sell at a discount, dragged down the value of all properties, the Washington-based Federal Housing Finance Agency said yesterday.

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