Rates on 30-year mortgages set new record low
WASHINGTON (AP) — The average interest rate for a 30-year mortgage dropped to a record low of 4.71 percent this week. The Federal Reserve is pumping $1.25 trillion into mortgage-backed securities to try to bring down mortgage rates, but that money is set to run out next spring. Add the $8000 tax credit, which also ends next spring and lower home prices, this is it, the bottom is here!