Mortgage Rates at a New Low

People still aren't rushing to refinance or buy homes.


Mortgage rates have hit a new low. The average rate for a 30-year fixed-rate mortgage fell to 4.44 percent this week, the lowest since Freddie Mac began keeping records in 1971. That's down from 4.49 percent last week and from 5.19 percent a year ago. The rate is the lowest recorded since 1953, according to the National Bureau of Economic Research, when loan terms were shorter. Rates for 15-year mortgages dropped to 3.92 percent, the lowest rate on record and down from 3.95 percent last week. Despite the low rates, consumers have not been trying to refinance or purchase homes. Maybe it's because you need a job for that?

Read more at MSN Money.

--Nsenga K. Burton

The Root encourages respectful debate and dialogue in our commenting community. To improve the commenting experience for all our readers we will be experimenting with some new formats over the next few weeks. During this transition period the comments section will be unavailable to users.

We apologize for any inconvenience and appreciate your continued support of The Root.

While we are experimenting, please feel free to leave feedback below about your past experiences commenting at The Root.