McLEAN, Va. (AP) — Freddie Mac reports that average rates for 30-year fixed mortgages have matched a record low of 4.78 percent this week.
Rates for 30-year mortgages hit an all-time low the week ending April 30. Since then, rates have hovered near 5 percent, spurring refinancing activity and home sales.
However, credit standards remain stringent, so the best rates usually are available only to borrowers with solid credit and a 20 percent down payment.
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The Federal Reserve has pumped $1.25 trillion into mortgage-backed securities to try to lower rates on mortgages and loosen credit availability. Rates on 30-year mortgages traditionally track yields on long-term government debt.
© 2009 The Associated Press. All rights reserved.
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