Mortgage Rates Down To Lowest Levels In Two Years
The outlook for anyone interested in buying or selling real estate has been buoyed by the [tag]lowest mortgage interest rates[/tag] in two years. Mortgage rates have hit 5.73 percent on average nationwide for 30 year fixed rate conforming loans and 5.21 percent for 15-year fixed, and about the same for 5-year hybrid adjustables, according to the Mortgage Bankers Association of America.
Low mortgage rates like these normally are a powerful stimulus for home sales, but there’s a sobering underside to the current declines: They are being caused in part by bond market investors’ fears of a U.S. recession. Investors are putting their money into ultra-safe Treasury bonds, lowering the benchmark 10-year Treasury rates that affect the pricing of long-term mortgage money.