Thursday, April 21, 2011
30 year mortgage rate drops 11 basis points
In another indication that the economy is going nowhere, at any speed.
The rate on the 30-year mortgage fell last week, staying below 5 percent. But low rates have done little to lift the struggling housing market.Perhaps, if the Orange Boner and His Band of Bozos would put up a jobs bill or two.
Freddie Mac says the average rate on the 30-year loan declined to 4.80 percent from 4.91 percent the previous week. It hit a 40-year low of 4.17 percent in November.
The average rate on the 15-year fixed mortgage fell to 4.02 percent from 4.13 percent. It reached 3.57 percent in November, the lowest level on records dating back to 1991.
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