Mortgage Rates Hit Near Record Lows

Mortgage borrowing costs fell for the second week in a row, reports Freddie Mac.

Rates on 30-year, fixed loans averaged 4.93 percent, down from 4.97 percent last week and not far off the record low of 4.71 percent.

Interest on 15-year fixed loans, meanwhile, slipped to 4.33 percent from 4.34 percent.
Adjustable-rate mortgages also declined, with the five-year ARM dropping to 4.12 percent from 4.19 percent a week ago and the one-year ARM moving to 4.23 percent from 4.33 percent.
photo credit: ericskiff

Source: Chicago Sun-Times, Francine Knowles (02/19/10)