-3 votes

Mortgage rates drop to record low

Mortgage rates drop to record low

By Adolfo Flores
November 21, 2012, 1:12 p.m.

Fixed mortgage rates fell to record lows for the second week in a row, a welcome sign for a recovering housing market, economists said.

The average rate on a 30-year loan was 3.31%, the lowest since 1971, according to figures released Wednesday by mortgage giant Freddie Mac. That's down from 3.34% last week.

The average on 15-year loans was 2.63%, down from last week’s 2.65%, also setting a record. A year ago it averaged 3.30%.

Read more: http://www.latimes.com/business/money/la-fi-mo-mortgage-rate...

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Ha Ha

if the housing market was improving that would cause house prices and interest rates to rise not fall. what kind of moron economist would think the opposite would happen?

It sounds more like the economy is losing ground to me

more like they need the business because we're losing our asses...

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Cyril's picture

Why stop there ?

Why stop there ?

They could go lower, c'mon, if they really wanted :

they might as well sell us loans with strictly negative interest rates.

I want -10%... say, they'd lend us 100 grands, and we'd actually owe them only [**BANANA $] 90,000 in debt.


Make it minus 30%, actually.


** Currency symbol : U S B

"Cyril" pronounced "see real". I code stuff.


"To study and not think is a waste. To think and not study is dangerous." -- Confucius


House of smoke and mirrors = fiat money.

All await failure of commercial banks and requests for taxpayer funded bailouts of criminal banksters when the true high value of interest rates hits the fan.

Immoral funding of Military Industrial Complex by Federal Reserve and US taxation system must stop!!!! End illegal/unconstitutional wars! Preserve US currency!