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  • Mortgage Rates Reach Lowest Point Since 1971

    JANUARY 16, 2009 - U.S. mortgage rates for 30-year fixed-rate mortgages have reached record lows. According to a report, new Federal programs to buy back mortgage-backed bonds have significantly lowered costs for consumers—rates have reached their lowest point since 1971, the year Freddie Mac starting tacking these figures.

    Even Freddie Mac insiders like spokeswoman Eileen Fitzpatrick marvel at today’s rates. "The interest rate was 5.21% in June 2003," Fitzpatrick said in a Business Week report. "I never thought it would go below that."

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    Jan 19 2009