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Mortgage Interest Rates Hit their Lowest Levels for 2014


Source: CNN/Money
Mortgage interest rates hit their lowest levels for 2014
The average interest charged to borrowers for a 30-year, fixed rate loan fell to 4.21% from 4.29% last week, according to Freddie Mac’s weekly mortgage rate report.

Rates have not been this low since the week of November 7, when they were at 4.16%. The 15-year, fixed rate mortgage, a popular loan for homeowners refinancing existing mortgages, hit 3.32%, down from 3.38% last week.

Global unrest and a weak U.S. economic recovery have kept rates low on U.S. Treasury bonds, which is used as the benchmark to set most consumer interest rates. “Mortgage rates continued moving down following the decline in 10-year Treasury yields after a dismal report on real GDP growth in the first quarter,” according to Freddie’s chief economist Frank Nothaft.

Read the full story at CNN/Money