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The 30-year fixed-rate mortgage rate has not been this low since October 1956. The plunge in rates is due to the poor financial situation in Greece, Germany, Portugal, Ireland & Spain. The movement of money to U.S. has driven down our rates, but it is expected to be temporary.
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Thursday, May 20th, 2010 at 2:59pm.231 Views, 0 Comments.
The benchmark 30-year fixed-rate mortgage fell 11 basis points this week to 4.96 percent, according to bankrate.com national survey of large lenders. One year ago, the same loan was 5.24 percent, and four weeks ago it was 5.22 percent.
The benchmark 15-year fixed rate mortgage rate also fell 11 basis points, to 4.34 percent. The 5/1 adjustable rate mortgage fell to 4.14%.
The National Bureau of Economic Research identified rates this low in October 1956.
Due to the financial instability in Greece, Portugal, Ireland and Spain, the European Central Bank along with the International Monetary Fund unveiled a $955 Billion loan package. Like the Tarp plan, the European…read more
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