Mortgage Rates Hit 37-Year Low
Friday, December 19, 2008 at 11:59AM Rates on 30-year fixed mortgages dropped to their lowest in nearly four decades this week, CNNMoney.com reported yesterday. For the week ending December 18, rates are averaging 5.19%, down almost a full percentage point from this time last year.
According to CNN:
"Interest rates for 30-year fixed-rate mortgage rates fell for the seventh consecutive week, moving these rates to the lowest since the survey began in April 1971," said Frank Nothaft, Freddie Mac vice president and chief economist.
"The decline was supported by the Federal Reserve announcement on December 16th, when it cut the federal funds target to a record low and stated it stood ready to expand its purchases of mortgage-related assets as conditions warrant."
How are you using record low rates to help your clients close on the homes of their dreams?
C.A.R. Staff 
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Reader Comments (1)
This is not impossible, the economical crisis of the country is the main reason for this. The recession is taking its toll on all of these United States, and every state government is looking for ways to save some extra cash. One of the ways some state governments are looking to do this is to cut juvenile detention programs, such as the ones that stress counseling, rehabilitation, and the teaching of life skills. These kinds of programs have a proven track record of keeping juvenile offenders from becoming habitual offenders that stay in the system. However, even with the demonstrable positive effects, 20% or more is cutting many juvenile correction programs. What this means is that the number of juvenile repeat offenders may start to increase. That means more of them will wind up in prison as adults, and that much more will have to be spent on housing the inmates, and this is on top of many state budgets that are stretched thinly when it comes to prisons. This article talks about which programs are getting axed in the government’s quest to save extra cash.