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Friday, October 15, 2010

Mortgage Rates Break All-time Record, Under 5% for 23 Consecutive Weeks

According to McLean, VA - based Freddie Mac's (OTC:FMCC) latest Primary Mortgage Market Survey  (PMMS), the 30-year fixed-rate mortgage rate fell again to break the survey's all-time low; the 30-year FRM has been under 5 percent for 23 weeks in a row. The last time 30-year FRM rates were this low was April 1951 (based on a data series of FHA rates going back to 1948). The 5-year ARM tied the all-time survey low set last week.
Many people including myself believe that mortgage rates would have increased after the Fed stop purchasing mortgages in March 2010.  However, they have dropped to record lows.
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