30-year fixed mortgage rate below 4% for first time
Presented by Eric Matz, Coldwell Banker Rancho Bernardo, Poway Real Estate
Source: Lily Leung atÂ Sign On San Diego
The average 30-year fixed mortgage has fallen this week to below 4 percent for the first time in history, said Freddie Mac's weekly home-loan report. The rate for a 15-year fixed rate loan also has hit a record low.
This week's historically low rates followed "a sharp drop in 10-year Treasuries early in the week as concerns over a global recession grew," said Frank Nothaft, vice president and chief economist of Freddie Mac.
Fallen rates also come on the heels of Federal Reserve Chairman Bernanke's statement to Congress's Joint Economic Committee