Mortgage rates fall to record lows

[Scorpio]

Mortgage rates fall to record lows

By Les Christie @CNNMoney December 15, 2011: 1:44 PM ET



NEW YORK (CNNMoney) -- Mortgage rates sunk to record lows again this week.

The average rate on the 30-year fixed mortgage fell to 3.94%, matching the all-time low hit in early October, according to Freddie Mac's weekly mortgage rate survey. Meanwhile, 15-year fixed-rate loans hit a new record low of 3.21%, surpassing the record set on October 6.

Five-year adjustable rate mortgages also plumbed new depths, hitting 2.86% for the week.

"We've been hanging around record lows for a few months now and we finally hit another one," said Keith Gumbinger of HSH Associates, a provider of mortgage data.

Low-interest mortgages will be available at least through mid-2012, according to Freddie Mac's chief economist, Frank Nothaft.

Where homes are affordable

more here:
http://money.cnn.com/2011/12/15/real...ntent=My+Yahoo

[Book]

Prices gotta drop way more before things can improve.

[Goldhedge]

They're bottom feeding.


Mortgages are probably not selling, so they're fishing for more takers by lowering the price.



I suppose we'd refi if they drop it to 2%. Then we'd take a 15 year for 3% and double up...